Re: 8hp Johnson lower drive gear lube
I should think it takes a good deal less than a litre. I think you'll find that the 2 stroke one takes about 325 cm? but the one on the four stroke does look a bit bigger.
You fill it, from the bottom, until it's full. When its full that's how much it holds. Buy a litre you'll know from how much is left how much its taken. With luck you'll have enough to change the oil again at the end of this season
Your motor, your choice of brand of oil. Of course Mercury oil is OK. Walmart is also OK.
Colour is immaterial. So long as it stays clear and bright it's got no water in it.