Re: '72 merc 1150 water pump service
Less than an hour if you've done it many times; a few hours or three oughta do 'er for those Less Practiced.
Not that hard, just a few quirks pulling the L/U down then when reinstalling. For example, most of the nuts to remove are obvious, but not-so-obvious is the bolt that's hidden by the zinc trim tab at the rear of the unit. Remove the trim tab for access to this bolt.
Most novices will have better luck having shifted the control box to "Neutral" before dropping the lower unit. Take special care not to disturb or otherwise move the shifter shaft in the lower unit, once it's down. You'll have shifting problems when you reassemble if you do mess with it. When you reinstall the L/U, you'll have to move the flywheel a bit in the clockwise direction to get the driveshaft splines engaged in the crankshaft. Probably be good to have a friend help with this unless you have long arms!!
If you do some searching, you'll find many posts regarding removal and reinstallation of an Inline L/U; tons of good info here.
This site and also
www.boatfix.com sell replacement parts for your Merc, usually an Impeller Repair Kit will have what you need to do the job.
HTH.........ed