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You would have to loosen the front coil to replace the felt. It’s purpose is to supply on-going lubrication of the points rubbing block as the point cam spins. They come oiled most of the time; perhaps the later versions of the OMC kits do not have oiled felts. Just drop a drop or two of light oil on it; just a drop; it doesn’t need much.
With the lower unit; at the least you should replace the gear oil. It is also good to pressure test the lower unit for leaks but most people are not set up to do that. Just refill the gearcase with marine lower unit oil and check it after the first outing. It should not look milky; if it does then you have water intrusion and one or all of the seals will need to be replaced. You can make a new post about all that when the time comes!