Re: My first boat. 79 Formula.
I don't know much about IO, but you'll probably want to do the service while it's apart... Might read thru some of the threads in the Mercruiser forum to see what all is involved. My understanding is it isn't exceptionally difficult, but is extremely tedious, and time consuming, and must be done & checked & rechecked to ensure proper alignment to prevent premature failure of the outdrive~motor connection, parts, bearings & etc, basically.....
If it's apart, it's a perfect opportunity to do it & not have to again for a bit. You'll need the alignment tool. It should show up in a Mercruiser thread. Factory, ebay or used, they are available online. It's like the clutch tool for installing the clutch onto a manual transmission.....