If you got it for $275, you did pretty good. I have 26 years in the marine business, I held a Mercruiser Master, Mercury Certified, OMC sterdrive, Yamaha 5 Star, Volvo gas certified, and various other classes, schools and marine education. I can tell you with out a doubt, from my experiance, do not waste one dime on that motor and drive. Pull it out, glass up the transom, put a bracket on the back, bolt an outboard on and ride. There are very few parts available for those drives. I can't tell from the pic, but if its a hydromechanical drive(no anode above the antiventalation plate), the factory couldn't even make them work, if its a mechanical drive, they only work for a short amount of time before breaking again. IF you want to swap out for another type of I/O setup, you're still going to have to glass up the transom and start from scratch anyway. Unless you find a bad boat with a good drive, it will cost you far more than dong the outboard bracket idea.
PS, welcome to the site, feel free to ask any questions and good luck
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