Is it worth cleaning this up, sanding, painting, etc? It's pretty crusty. Likely to be >20 years old. Or should I just consider this trash and replace?

Does not look that bad, but you need to consider the age, what power is in front of it and how much of a ***** it is to replace.

What kind of A frame did you get to pull the motors?

I bought a gantry from Summit, plus a chain fall and beam trolley. Port motor is out and tomorrow the Stbd is coming out.

+1
is it worth the $700 or so it costs for a new one to pull the engine out again later to replace it? Especially if its in the middle of boating season?

Thats looking a little rough. I would put a new one in, also a new bilge pump and starter.

Yeah, that was kind of my thinking, "while the motor is out"....

Scope Creep is one of my specialties, so this is a good hobby for me.

Trash that and get a new one.

Fixed it for you.

But the other one might be perfect!

No, it won't be.