You can open up the pump and look at the wear plate and housing to see if it needs replacement, but what fun is that?
I used to replace the impeller every other season but it always looked so good, I wondered if it was needed. Over time, I found that for my sx150, an impeller can last a long time. I get 5 or 6 seasons easily out of an impeller. My boating areas are fairly deep and I don't suck up a lot of sand. The dirt and sand will wear out the impeller a lot quicker. Since I only rebuild the pump every 5 years or so, each time I do, I get a complete kit including the wear plate, impeller, metal cup AND plastic housing along with bolts, dowels, gaskets and the water tube bushing.
Often ( but not this time for me) the metal slide-on sleeve on the drive shaft won't come off. If that happens, you will probably have to mash it or cut it and will need a new sleeve and bushing. Those parts don't come in the kit.
As has always been the case on my motor, the woodruf key wouldn't budge even while trying the chisel and hammer method which I don't like since it can nick the shaft.
My tried and true method to remove the frozen key is to cut a slot lengthwise in the middle of the key using a dremel rotary tool with an abrasive cutting wheel. Cut a slot just about the whole depth of the key. Once the slot is made, use a vice-grip to squeeze the slot closed by pinching the key on its sides. That makes the key a wee bit thinner and it will pop out fairly easily. I do not recommend heating the drive shaft or key with a torch.
During my pump rebuild, I removed the lower pump housing base (under the wear plate to do a visual on the shaft seals (actually you can only see the topmost of the two seals. In any case, the spring that wraps around the seal was broken into several pieces. So I removed the bearing holder assemble and popped out the two seals. I put in new seal, the old base plate, wear plate, impeller and all the other gaskets and o-rings. Make sure the o-rings stay seated by using some marine grease. Don't forget to grease the metal housing, drive shaft and impeller. To install the impeller slide it all the way down, slide the housing with cup over the shaft and then rotate the drive shaft clockwise looking down while pressing on the housing. It will eventually slide over the impeller. Bolt the housing and install the three washers, flat, wave, flay, the nylon shaft bushing and finally the metal sleeve.
There is a seal or a blob of sealant between the water pump housing area and the exhaust tube. That gasket (actually a strip of some sort of rubber) that shouldn't be removed. I put a smear of blue Permatex Rtv sealant on it to help seal out exhaust gases from the pump. As the lower unit ages, that seal gets less flexible and may not seal as good as when new.