Well here is an update. I finally got to it, a couple weekends ago. I did the autopsy's on both motors as I tore them down. Kept every part separately marked, tagged and bagged. Took a ton of pictures and thank goodness I did because I used them a lot on reassembly.
The Mariner not only had a broken rod, it had busted at the rod cap and the pieces blew out the silver-dollar size holes it made in both sides of the crankcase cover @ cyl #4. Surprisingly, the cylinder looks good and the whole engine block measures up good too, but is worthless wihtout the matched crankcase cover right? This engine appears to have had an oil pump failure.
The Mercury was run with a bad water pump and scored #1 and #2 pistons A compression check from the top down said 80,108,112,109. I took the block to my local trusted machine shop and he honed them out and it was within speck when he finished.
I measured and inspected the pistons and luckily 4 of them were good.
It took a couple weeks of cleaning, scraping, measuring, cleaning, and lots of reading and research on this site, but I am almost done. Lots of parts waiting in that time so I rebuilt the carbs, water-pump and fuel-pump. It fired it up last night ((on 25-1 gas)from a clean jug) and so far so good. I just let it Idle fast while I looked for leaks about 5 min. I then did a compression test and got 120,121,120,120.
NO WAY I could have attacked this with-out the help of you out there that have shared your knowledge on these forums. The manual was good to have but not written for a rookie. I like to know the whys, not just the hows, and you all are much better at explaining that than any manual.
Break-in procedures, Gas tank cleaning and flushing, and charging system testing, are my next lessons.
Thanks a ton, I am really enjoying this project.