Motor shows 120 PSI in each cylinder which sounds good to me and it fires up instantly and idles great. My only concern besides possible parts not being available is that I can't lake test it. Any advice on other engine checks besides the integrity of the wiring insulation?
Not doing a lake test is like starting a car in the driveway, revving the engine, and not taking it up the road. I have personally, and seen friends regret not going on a sea trial.
If that is not an option, do a spark test at the least. Warm the motor up and then cut it off, pull the spark plug leads and check each cylinder for spark. Check gearcase for water (if seller lets you) and put it in and out of F-N-R and check the battery voltage while the motor is off, while it is idling, and while revving at 1500rpms. You should see the voltage go from 12.5-12.8v with the motor off, to 13 or 14v with the motor at a high idle. This will tell you if the battery is charging.
Run power trim up and down while motor is running and see if you get a loss of power. If you do, there is an electrical issue somewhere. Make sure all the gauges work.