Hook up the power to the motor and press the buttons to see if it runs, the hoses are available online - you need 4 two small ones and 2 large; there's a knob on the front for the reverse lock.
If the motor is OK oil should be pumped out of the lines; replace them and bleed.
I agree with the missing tilt pin explanation as well as that steering gear, before you do anything change the impeller:
here are some parts/manuals https://www.oldmercs.com/category_s/871.htm get the serial Nr. for ordering parts.
It will turn faster but the torque changes; less torque will be available and the prop doesn't move as far.
All you can do is go to a lower pitch prop - say 2". drop. Do you have a tach?
Almost launch time (except in canada) and many guys will be changing their impellers re-installing their lower units and having shift problems:
This is how I do it in about 60 sec.: Turn the LU shift shaft by hand counter-clockwise until it
stops, then with Vise Grips tight on the bottom of the...
You can figure out the GR by turning the driveshaft and watching the prop; put a pair of Vise grips on the driveshaft then put a mark on the gearcase and prop. Turn the driveshaft - it should go around twice and the prop goes once: this is a 2:1 ratio.
The inner wire goes into a clamp, to release the wire you use 2 pairs of pliers and turn the little bolts CCW until the clamps release then pull the cable out of the plastic. To install it push the cable into the plastic guide making sure that the inner wire goes into the clamp then tighten the...
Here's a full size copy of the timing disk - you can print it then it glue to cardboard or wood, I had an old rotor that I used for putting a pointer on; I don't know what you can use