Congrats on the new aquisition and welcome to the board...if an outboard(sounds like it due to transom cut down), you might want to consider rebuilt power-head...a "hole-in-one" in this game ain't a good thing...if the transom was cut down, as long as it is SEALED and not seeping water into it, you oughtta be OK...
Pictures when you can...
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'74 V-20/ BF 150
'95 V-21/ BF 150
'84 V-20/ 200 2.4 Merc
'87 V-20/'18 F150 Yamaha
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