I have been working on trying to a 1977 Formula 20-cl running and water worthy. The boat has been sitting since '93 in a drydock. Water built up over the years and got to the bottom of the alternator. Drained out all the water and got some new oil/filters/spark plugs in. The starter worked after a little tap of the key on/off. The motor turns over but still need to adjust the carb and replace the belts, alternator and water pump impeller. The prop turns and does not seem to be seized or anything. The trim does not work (need some guidance to what to for this) and started to leak around the drive after we tried to tilt it up manually.

Trying to work on the trailer to get it to my shop and start to remove the outdrive. The driveshaft seal I believe that is what it is looks cracked in the gimbal so that is what we are going to try to replace and check out the u-joints and other seals.

My question is what would you do next after what has been stated? What would be an area that may need to be looked at? If something is damaged, so it be repaired or just replace with something newer?

Not trying to get answers like just rip out the whole engine/drive and replace with new since the engine is still in good shape and the drive seems to be well also. Thanks

bilge was full of water to the alternator...for years?!!! pull the engine. everything that was under water that long has to be redone. starter will not survive. oil pan will rot through. you need to check stringers and transom for water intrusion, and you will find it.