Re: 1972 Evinrude 60
If yours is really the 1972 model, I have the Johnson version of it and the other contributor is correct - it would be a three cylinder 65hp. I bought mine for $400 and put about $1,200 into it intially by taking it to my OMC dealer to have the carbs rebuilt, water pump rebuilt, rectifier replaced, total lube, etc. I also did a bit of work on it myself after a few weeks of running revealed some other problems. In total, I have less than $2,000 in the motor and am very pleased with it. I live in an area where we can enjoy our boats 12 months per year so it is run often - as in "the guys are tearing the Specks up, down in Lafitte and I need to get there this Sunday morning!!!"
What you end up with in the long run reallly depends a lot on the condition of the motor when you buy it. I wouldn't advise buying one if it is a high time, salt water motor. Mine, on the other hand, was a very low time, fresh water motor. It wasn't perfect but there were obvious signs of not having been used much, such as original paint that was hardly worn, even at the skeg, and very high compression values. I did take somewhat of a gamble but I rationalized that in my own mind by paying a price for the motor that would have enabled me to part it out on EBay, had turned out to be in need of too much work.
Compared to todays motors, and has been mentioned by others, these motors are unusual in that they have electric shift. There are two types of shifters available - one with the push button selector and one (Johnson version) that has a single lever that both advances the throttle and triggers the electrical circuits which result in activation of the solenoids in the lower unit. As was mentioned, the engine defaults to forward gear, so if you lose the electrical connection for some reason, you can still operate in forward. When the motor is running and in neutral, one of the solenoids activates and holds it in that position. Selecting reverse activates the second solenoid and results in enagement of the reverse gear.
One of the things to be aware of when buying one of these motors is the condition of the wiring that runs from the inside of the cowl down the leg to the lower unit. They often become brittle and have to be replaced. Mine was OK so I didn't have to spend the couple of hundred dollars that a replacement piece costs. Another common issue with these motors is that the seal where the wiring enters the inside of the cowl is often dried up and ineffective. This causes exhaust gases to back up into the cowl, where they will be ingested by the carbs, resulting in lowered performance of the engine. There is a simple fix, however. Mine had this problem and I just bought some heat resistant silcone in a tube (available at any auto parts store) and sealed it. That was many hours of running ago and I have had no problems with it since then.
On the issue of control units, I agree that it is best to try to get one with the motor but they are around if you look a bit. The bigger issue in my mind is making sure that however you get one, that it includes the yellow plug for connection to its counterpart in the engine cowling. If the plug isn't there the CU will just be a source of parts to fix another one and if it isn't yellow, it isn't the right one.
One more things about this LU - it requires "Type C" gear oil or its equivalent. This is not a big deal but you do have to make sure that it is serviced with the correct lube.
One tip that might not get mentioned otherwise because it is not strictly realted to reliability, etc., is that the '72s and older do not have steering tubes in the transom mount assembly. That means that you will have to buy a conversion kit, which consists of an aluminum plate with a threaded tube welded to it and a more or less standard steering arm to attach to the motor and your steering cable/rod. The aluminum plate is bolted to the transom via the engine's upper mounting bolts. These assemblies are available through aftermarket suppliers such as Donovan. I paid a little over $200 for mine and it works just fine.
If you get a good one, these can be great motors - just choose carefully and pay the right price if you do decide to go ahead.