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PIcked it up today. Looks to be complete. Spark advance lever is broken, so I will likely be in contact with Neptune Ned soon. Or my welder to see if he can put it back together.
The underwater exhaust looks like it was put on at the factory. It appears to be the same material as the exhaust can. Both have greened with age. Copper? I’ll post some pictures when I have an opportunity to have a better look. The bottom of the exhaust leg has some coiled metal, the last few inches of which are unwinding. I’ve seen this kind of exhaust somewhere else but can’t recall where.
Skeg, prop and gas tank all look good. Compression feels good.
Oh, and the guy has a 1971 MG for sale if anyone is interested: he says it runs and drives, he has reupholstered the seats and the passenger side panel (this is what he did at GM before retiring). It has rust like most British vehicles of this or any era. $1,600. Send me a PM if interested and I will put you in touch and send you some pics.