78 v20 Checkout

[twhrider2]

Since getting the V home last weekend I have not had time to do much with it, but want to start a thorough check out of the 470/outdrive. I have no knowledge of maintenance/repairs prior to the last 3 years. I am assuming I have the original '78 470 & outdrive (pre-alpha?). Engine starts and runs fine ,starter drags after running awhile (old prestolite) so looking to rebuild or replace. Outdrive seems to work and shift fine. Has the alternater upgrade and 4" exchanger. Today I want to do a compression check, find and check the water pump weep hole for cam seal leaks and see if ignition has been upgraded to electronic. Bellows were replaced 3 or 4 years ago so I am ASSUMING the outdrive was serviced at that time. Now for questions to any and all with experience would you suggest I go ahead and pull manifold, riser/elbow and check. Oh and trim indicator don't work, wires are toast at outdrive. Sorry for the long post but want to get everything in good order between now and next spring. Thanks in advance for any and all info is greatly appreciated.