Re: rebuild
having rebuilt more of these engines than I care to remember your answer is yes.
but first a COMPLETE tear down and careful inspection is in order.
is the block and exhast corroded badly? is the divider plate,if used, corroded?
is the cylinder head corroded?
freshwater guys have no clue what corrosion can mean

why did a piston fail to start with?
if the block/head is ok then have a COMPETENT shop bore and PROPERLY chamfer the ports.
have a facility ,I use Ackermann marine in Wilmington NC, carefully insp-ect and recondition the crank and rod assy.
reassemble using all new seals,gaskets,fuel pump,water pump,tstat pressure control grommet and any other soft parts on the engine.
if properly reconditioned it will give mny years of service if properly maintained.
forget the maint and piston failure is inevitable, again.
if your not comfortable inside the block consider a reman power head.
a crank is usually less than 400 from Ackermann and Ron's marine in Portsmouth VA does my boring, usually less than 200 and its finish honed and chamfered when I get it back.
pistons with rings,pins,pin bearings and retainers are about 100 a piece but from yamaha all must be ordered seperatly.
in this application forged pistons are more problem than they are worth and the machine shop MUST know what forged piston you are using to properly bore the clearence.
two biggest mistakes I see over and over and over is only half the job was done or the block had so much corrosion it should have been sold for 18 cents a pound.