Re: Power Steering pump
Yes, you can replace just the pump; and install it within your existing reservoir. I don't know if I can name auto parts stores on this site, but the one I went to also had the pulley puller/installer tool that I could rent for free as well. I don't know what year your 7.4L is, but if you look up the part for a chevy/gmc truck in the same year group, the pump will very likely be the exact same part. Again, the pump without reservoir is the part you will want. The pump will come with instructions on how to remove the old pump and install the new into the reservoir.
Make sure when you install the pump on the boat, that you use a straight edge to ensure the power steering pump is flush with the water pump pulley. This is where the pulley tool comes in especially handy.
Also, make sure to bleed the system well before you start it up. To do this, move your steering wheel from stop-to-stop at least five time in each direction after you fill the reservoir and before you start the motor. keep checking the reservoir to see if there are bubbles on the surface of the fluid and ensure that it is full throughout the process. Keep the manual bleeding process going until no bubbles appear in the fluid. Then start her up and turn it from stop to stop, but don't keep in at full stop for longer than 5 sec's....
Good luck mate.
Jake
Jake