The early years of the 70 did have some teething problems, Like Racer said, a slightly newer one would be preferable. But if you insist on the 76, be sure to inspect the engine(compression, gear oil, etc) Prior to purchase, it is a 44 yr old engine, and again some parts are getting difficult to find. 76 still had the Hydro-Mechanical Gearshift. First thing before you take it out on the water would be a new Water Pump Impeller.
Yeah these old engines like to screw me. Had a 1972 7hp eska that I just scrapped because parts were too expensive. Its gonna be a couple months until the season starts here so I've got time to look around. Still kicking myself for passing on an Evinrude 88 spl for $150 last summer.