Re: Merc 70HP
If it was me, I'd strip all the electrics off of it, including the flywheel, stator and trigger. Also those carbs need a complete overhaul, if not replacment entirely. Looks like mouse urine has corroded the carbs quite bad. If you're lucky it will clean up okay.
Clean up all the electrical items without using any harsh chemicals that could damage the insulation. Shine up the terminals to ensure good connections. Replace any wires that look damaged from age, or nibbling rodents.
Replace the fuel lines, and rebuild the fuel pump.
None of that would be very expensive, and can be accomplished by someone with a service manual quite easily.
Given the cost of a replacement motor...a little money spend now on this one could prove to be money well spent.
WD-40 is just fine to use as a test to free up the rings after a storage period or even as an aid to promote starting a motor which hasnt been run in a while... BUT... premix fuel or something like seafoam deepcreep is even better as was pointed out above. Wd-40 just happens to be handy, since it is usually close to my workbench. A simple squirt in the plug hole is all you need. I wouldn't spray anything into the carbs, other than pre-mix.