Little bit of progress to report...
Ordered a bunch of stuff for the motor. Water pump, plugs, thermostat, carb kit, gear lube, etc. Drained the old gear lube a few weeks ago. I was/am a little concerned as only about 2 oz came out and portions were discolored as if some water was in there. I refilled with some leftover stuff I had in the basement and will see how things go. The lower unit only took about 6 oz. before it started oozing out the top vent. So based on that, I have enough gear lube left over from my old Sailfish to do this engine about 5 times. lol. Anyway, with doubts about the status of the lower, I decided not to put a full paint job on it right away. I did however prep and prime the bottom of the mid and the top of the lower unit. Hopefully the lower proves to be OK and I won't have to pull it off so I wanted to shoot these areas now.
Sanded down and ready for primer.
Primed using Duplicolor primer from Advance Auto.
Forgot to take pics of the spots I primed on the lower. I chose this primer for it's self etching properties and because it was $6.99. Totally forgot that zinc chromate is what I should have used.... Oh well. I'm not painting anything else until I get some time on the engine and verify that it's worth fully painting. So even if I go back and do it over, it won't be a huge loss in terms of time or materials.
Will let this paint cure for a few weeks before bolting the lower on. In the meantime I will go ahead and install the water pump and go through the top end.