Hardest thing is going to be finding a new tilt motor. Two problems ... Merc don't deal with that company no more and that company ain't making no spare parts no more. Don't be suprised if the part number superceeds to a whole new tilt unit. Mucho Dinero!
Easy to remove and quite serviceable, I rebuilt mine with new brushes after it became water logged and the fixed magnets broke away from the inner casing. So long as the commutator is okay you can even get them rewound.