If you pull the gearcase for "inspection" it makes no sense not to replace the impeller and oring. as Chris has already said.
I just want to add to this discussion that the REAL inspection occurs when you examine the metal cup that the impeller sits in and the plastic housing that the cup sits in. The impeller, the cup and the housing together are what comprise the water pump as a WHOLE.
What most owners don't realize is that the impeller and cup begin eating at each other and incurring wear the moment you first put the pump in service. As a result, you can never achieve a 100% pump repair by placing a new impeller into a used cup.
It's very much like putting new brake pads on a worn rotor on your car. The new pads will IMMEDIATELY wear into the shape of the old rotor. Your outboard water pump acts very much the same way and you need to keep that in mind when inspecting the cup. While it's perfectly reasonable that a new impeller can be expected to work fairly well in an old, SMOOTH cup, I wouldn't recommend it with a cup that has ridges or gouges in it.
Also to consider is the plastic housing that the cup sits in. The pump will tend to operate at a high temperature at startup prior to gaining it's fluid prime. This can take a toll on the plastic housing over time and cause it to distort. If the distortion is severe enough, the metal cup will no longer be held stationary in the housing as when new. This movement will increasingly get worse and ruin pump efficiency.
So, you see, there's more to "inspection" than just the impeller.
I also suggest that you look VERY CLOSELY at the drive key. I guarantee that you'll find wear there too.
For these reasons it is wise to consider the complete pump kit that is available as well as a new drive key if you see wear that makes you look twice.
As already said, the water pump is just too important to the outboard as well as your safety out there on the water.
Good luck