When lifting on the lower unit of the motor, are you hearing any cracking? Do you see any cracks??
That much flex I would not worry about it, just use till you have a problem, could be good for years!
But if you really want to go further, go on the inside of the boat, drill a 1/4" Hole start at the bottom and drill a few till you get to he top. When done fill holes with 5200 or something to stop any new water getting in.
What comes out of the hole:
Dirt is rot!
dark or black wood, wet
clean wood, Perfect!!
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1986 V20 
Old Fishermen never die, we just SMELL that way!!
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