If the rest of your motor is in that condition, you’re stepping into a big money pit and you can easily end up with little or no reward. After my experience trying to run one (for me) I’ve decided mine is best used as a display item. They are cool looking and even get the attention of people who have no interest in outboard motors.
A "Boathouse Repair" is one thats done without having tools or the skills to do it properly.