Your motor should have a brass timer bushing and they are
normally still good. Its the later motors, where they used a
pot metal bushing, that the failure occurs.
I suggest you don’t remove the cylinders unless you have a
good reason. The rings are now seated in the cylinders.
Disturbing them could result in some compression loss.
Replacing the rings with new ones would require as least
hoeing the cylinder which increases the piston clearance
in the cylinder. Move the pistons so the rings are
accessible through the exhaust ports. Take a small screw
driver and push on them to see if they are free. If they are
I would wait to till you try to start the motor to see if there
is an issue that would suggest the cylinders need to be
removed. Any gaskets that you may need will have to be
made by you, however there is a guy on eBay making
gaskets for old outboard motors. You may be able to work
something out with him. Cylinder gaskets must be close
to the correct thickness. If not the exhaust manifold bolt
holes wont align.
Since I did the coil repair video a new, inexpensive. coil has
become available. Search eBay for (2 spark Replacement coil
for early ELTO type outboard motors).
An internet search for “cloth covered spark plug wires” should
provide you with some choices for suppliers.
Tubs
A "Boathouse Repair" is one thats done without having tools or the skills to do it properly.