Well, correct me if I'm wrong, but I thought that the 72' had a 20" transom. My 78' does so I'm thinking that the motor should fit without any alterations. As to the corrosion issue, ... Since LakeV20 lives by a fresh water lake in the middle of the country there's not a lot of salt around. Assuming that motor is from that area it's probably a freshwater engine and is pristine inside. Never hurts to look, but my guess is that corrosion isn't going to be an issue with it. 
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1987 V20 w/1987 150HP Yamaha on a Shoreland'r Trailer
1978 16.5 Airslot w/1996 120HP Force on a Four Winns trailer
1996 V21 w/1993 200HP Mercury on a Shoreline Trailer
All towed by a 5.7L Hemi Durango.
If God didn't have a purpose for us we wouldn't be here, so
Live simply, Love generously, Care deeply, Speak kindly.
(Leave the rest to God) 
Silence, in the face of evil, is itself evil. Not to speak is to speak, not to act is to act. God will not hold us guiltless.
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