Re: Is it worth the effort
In the worst case (completely seized piston), but IF you do it yourself, it could cost at most 1000$ to fix it right.
By "right", i mean, aside from the block work, piston(s), gaskets, seals and bearings, also doing the carbs, the fuel pump and the water pump, even maybe completely resealing the lower unit.
Even at 1000$, it's still cheap for a "new" engine.
In your case, you first need to know what happened exactly and the only sure way to tell is to remove the powerhead and pull the crankshaft to look at the pistons and cylinders.