Welcome aboard ! :welcome:
It's looking pretty rough under the deck .. Probably gunna need a full resto ... It will be easier to get to everything with the top cap off . I'm sure the transom needs replacing also so you need to check that out .. Dig around and inspect as much as you can .. First thing you will need to build a stand for the outboard .
Take lots of pics of everything you take apart . That will make it easier when it's time to put things back together ..