It would cost you more that what you paid for it to replace the seal.-----Check spark first.------The magneto maximum output must be tested.----Does spark jump a gap of 1/4" or more, yes or no ?
Been on an ---X119----Surfing at 15.5 knots------Not one of the 10 crew on board was asking for 16 knots.-----There are some fast small sailboats out there.-----U-tube might assist with videos of the boats you are considering.
The water pumps are elegantly simple.----I doubt you can assemble one so it does not work.------Check for blockage of pump intake screen and passageway.----The tell tale hose can get blocked with weeds and mud.----Make sure it and the fittings are clear.
It varies from person to person.------Many shops refuse to work on them.-----So are you prepared to do your own work.----They are not a bad motor if they have been run and properly maintained.
Heat of combustion is what makes plugs look toasty brown ( normal ) and if a cylinder runs " cool " Plugs will be oily and black.-----A compression test is step #1 in trouble shooting.
Not much difference in them from one year to the next.----Simple carburetors , simple fuel pumps and a simple magneto.-----What is the motor doing / not doing ?-----If no spark then cleaning breaker points and setting them at 0.010" might help.
Have a pair of 1982 model 235 HP.----Yes they are thirsty.----You can work on them yourself.-----If you only use the boat on occasion there is nothing wrong with fuel consumption issues.----Hard to justify a new 200 HP motor so you can save $400 / year on fuel.