Re: What do I have?
I know it's too soon to get discouraged but this is really not my bag. I didn't stay at a holiday inn express and I don't play a mechanic on TV.
No offense meant... but your boat is old and obsolete. It would make a fine project for someone who knows quite a bit about mechanical things. It sounds like you do not.
Again - no offense meant, but an old Ford OMC electric shift stringer drive is going to be a TON of money and headaches as you are eventually going to need to take it to a marine mechanic. Before you go much further, you might want to ask around local mechanics and see if any would even be willing to work on it for you. I bet you will find most, if not all, will refuse.
When you make statements like the ones below...
Cap and rotor are relatively new. Motor is 1977, rotor and cap 1996.
... you realize that makes the cap and rotor 12 years old - right?
That is not "relatively new" in my book. Maybe compared to the boat....
How old is the gas? If it has been sitting there for 8 years... again - not going to work.
The points may LOOK good, but sitting unused is not good - sanding may bring them back, but have you ever sanded points? New ones are your best bet.
What about the impeller in the drive? Have you checked it? Again, the chances are good that it is shot.
The list is long. You need to do a lot of thinking on whether this project makes sense for you. Only you can answer that of course, but the fact that the boat is free doesn't mean it isn't going to cost you a LOT of money and headache. Just something to think about.