Once you determine the compression is ok, there are some "normal" maint items you should consider doing. All of them may keep you from getting stranded out on the water during your first outing. As the guys say: new impeller in the lower unit, new thermostat (called a vernatherm on your model) and probable carb overhaul may be needed. Also, the fuel pump bladder may or may not be rated for today's ethanol fuels-see how it runs/starts sitting in your driveway. You may be ok on the fuel hoses. I'd probably change the lower unit gear oil. Once you get these items tended to, you've got a good baseline established and know the general condition of the engine prior to running it on the water. You may be interested in the original factory parts diagrams for the engine. They are on the web at: epc.brp.com These are help fuel when ordering parts, as well as to see how these maint items go together.