Re: 1977 Mercruiser steering problem
I hate to be a downer but a 45 year old boat is going to be one problem after another. I doubt that the steering will be the end of it nor the least expensive of what will be a series of challenges. You're probably going to have to replace the helm and cable. Those old helms aren't readily serviceable and getting cables for them can be problematic.
I once had a Carver with a Teleflex helm and the replacement cable was something like $350. Good luck.
Practicing the ancient art of ren-ching