Re: when rebuilding the water pump what should be replaced
If you buy your parts locally, call the dealer to see what they have in stock for your motor. They will probably have both an individual impeller and a waterpump kit.
You can then drop the gearbox and disassemble the water pump. Inspect the parts thoroughly. From this point, there are two schools of thought - one says to replace only what needs to be replaced, and one suggests that the effort in having to do the work over again, isn't worth the cost savings in not buying/installing the full kit.
If you buy the full kit from OMC/BRP, you should get a housing, the impeller, a new driveshaft key, a new base plate and two water tube grommets. I can't remember if the o-ring that goes on the top of the driveshaft comes with it, but I think not. I would buy one simply because it is cheap insurance against a major annoyance later on. If I am going to do a total rebuild of the water pump, I also have a tendancy to pull the water tube and replace the upper grommet, as well.