Go on the maxrules website to find a common wiring diagram for your motor. The 4 cylinder 50HP Merc was a real popular motor, so it was made for a long time. Try to find a wiring schematic close the year of your motor, as the wiring colors probably changed over the years your motor was made.
The keyswitch you need is a common item. A Merc dealer or an aftermarket place should have it. The posts are labeled, B, M, M, I, S. They probably correspond to the following wiring colors: Red, Black, Salmon or Orange, white, yellow. The choke wire is the white wire going thru the choke switch to the grey wire. The yellow solenoid wire would go thru the neutral switch, and then to the starter solenoid.