So all that was the good news......
The bad news was the stringers and rear floors were rotted. The previous owner was more of an "engine guy" than a "hull guy" and when I went to look at the boat I was surprised that he seemed genuinely unaware the the stringers and floor were shot. This was very evident by looking in the ski locker and poking at the floor where the battery(s) were mounted. The transom had some stress cracks (pretty common of course), but tap-tested OK, and passed the "trim it out on the trailer and hang off the gearcase " flex test (highly scientific).
I was OK with a winter project and frankly stringers and floor needing to be replaced would be normal on a hull this old so we worked out a deal and I towed it home. I de-rigged the motor, sold it locally on Kijiji, and then ripped out every bit of hose and wire. Although for the most part everything actually functioned, the rigging was actually really, really bad (admittedly I am kind of fussy though).
And for my Merc buddies, you'll only hear this once: I owned a Merc and I (sigh) liked it.
These hulls need more torque than the little 2.4 could bring, but I do get the appeal of the high-perf 2.4/2.5 series. I kinda want a boat to put a 280 on lol.
Anyway, I got to work chopping out the stringers, floor, and sourcing an ETEC. I got a great deal on 2010 225 that needed a piston.
(pics to follow)