Re: just bought 1993 pro-v 150
myself, if its ever seen saltwater I would carefully inspect the shift shaft first, if its ok then compression test.
if ok then clean the carbs,replace the fuel pumps clean the remote oil tank and filter, clean the engine oil tank water trap, replace the water pump with the complete kit, replace the t-stats and the pressure control valve grommet.
clean the engine fuel; filter and if its not there already install a 10 micron fuel water seperator.
if you dont have ethnol fuel yet, you will, and then its fun.
yamah reccomends if it sits over 6 months to bleed the oil pump as well.