I think that motor should have the raw water pump mounted on the crank shaft. The impeller is inside it and should be replaced.
Use muffs on the outdrive, don't just put the drive in a bucket...
ok
The inner seals are leaking and the salt water is destroying the bearings. The outer bearing buddy's do keep water out but is no good so long as the inner are leaking
Need better seals or most likely the axles sealing surfaces are out of spec (have been worn down some). Might be able to...
Not a guy that would know where to get older parts for VP but maybe @Scott Danforth might
My thought is Merc parts are cheaper and more readily available so why not use them?
Since it only does it when its hot (all warmed up) it might be vapor locked
Find the Schrader valve on the fuel rail. Use a rag over it and push in on the valve to see if air and fuel comes out. Might need to turn key ON/OFF a couple times to get nothing but fuel. Once there is nothing but...
Most likely the seals are not sealing very well on the axle. Pack bearings, dunk the boat, pull the hubs and see if there is water.
If there is, you could try bearing buddies, not great but better then nothing
The double beep can be many things. Reving the motor in neutral can be the ECM saying your not in gear. My memory is not the greatest but its some where around 2500 RPM. If motor revs above 2500 (lets say) the ECM lets you know there might be a problem
That's my point, it cannot be the oil pressure switch. Fuel pump is powered ON by the ECM applying a ground to one side of the relay coil. The ECM my apply a ground but if the main power relay (MPR) is not supplying power to the other side it won't energize.
So if it actually is "the pump...
Before you start throwing parts at it, get a fuel pressure gauge and connect to the fuel rail. Can get one on loan from a local auto parts place maybe. Watch the pressure to find out if its loosing pressure or something else.
The MPI does use the oil pressure switch to keep the fuel pump...
