Re: 1970 85 hp V4

[Don]

OK, the 583408 is the correct rectifier, so that will work out.
You mentioned something that might be important to figure out before reassembling distributor/flywheel. You mentioned that the lead from the points has peeling insulation. It might just be that this lead is broken, or shorted to the ignition plate for just this reason. In either case, you will have no spark, so examine this lead(s) carefully by eye and with an ohm meter before reassembling.
It is not often that I don’t recommend doing a water pump job, but this engine is just that exception, for now anyway….
Getting that gearcase down without damaging the shift solenoid leads can be real tricky, reassembling can be just as tricky. This engine has TWO water tubes that have to be lined up as well. So please, let’s get this thing running properly first, then we will attack the gearcase/water pump. There is nothing really "wrong" with the original aluminum pump body, especially if it was used only in fresh water. But, there is always wear to the aluminum which affects pump performance. Many of the bolts will probably have to be "heat treated" as well in order to remove them on a salt water engine. The aluminum body will definitely be pitted/worn/corroded if the engine was used in salt water. So, if and when the time comes to do the pump job, do spend the bucks for the complete replacement kit which includes the SS liners that slip inside a plastic body.