does the shafts being made of brass mean it was made for salt water?
For the most part, motors from this time, with brass lower units, are considered salt water motors. Your motor looks to be in unusually nice original condition and many here would feel preserving the original decals would give it more historical value than replace them, if they are even available. Tubs
A "Boathouse Repair" is one thats done without having tools or the skills to do it properly.