Check you model number again, 3420 doesn't match to anything
Maybe he transposed a digit? Maybe 3402? That would be a 1964. As mentioned, the water pump impeller should be replaced before running the motor. No sense taking a chance overheating with an impeller in unknown condition.
Four bolts hold the lower unit on. Remove them and the lower will drop down. The water pump housing sets on top of the lower unit. 3 bolts hold it on. The impeller is inside. Gas tank is aluminum and doesn't rust. Clean crud out of the tank and replace the filter which screws in above the the shut-off valve. Filter can't be cleaned and must be replaced.
The crud in the tank is almost certainly old gasoline that turned to vanish. It's hard to clean out, maybe try lacquer thinner or carburetor cleaner.
Also, if you're squirting fuel into the carb, be sure to use oil mix (50:1 gas to TWC3 oil), straight gas will destroy the motor