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Check compression, spark (& wire condition), clean fuel system (tank, fuel lines) and check LU for good, clean lube. Parts are not hard to find...lots of us here run only the old iron/aluminum.
The only parts that aren't available that you might need are the clutch dog and gears for the lower unit. Gaskets, water pump impellers and such are easy to find. Like Tim said, 50's motors are pretty much all I run, too. You can still find used lower unit parts for them.
You SHOULD check the lower unit oil for water before you spend significant dough on it. I wouldn't pay much if it had water in it. You also can't tell if the clutch dog and gears are worn out until you test it. But, you can still find used parts that are good if you're fairly patient. They do sell rebuilt lower units at various places, too, but they're like $300.00 Still, cheaper than new stuff! I would be far more scared to buy a newer used model--harder to work on and much higher priced parts. Pretty much what Tim said....
JMO,
JBJ
Actually, the lower unit parts are still available and comparably priced with newer models. However, a new gear set will run in the neighbourhood of $500 for any small outboard. That's a risk you run when you buy any used outboard. I wouldn't let it scare you.
That is a good motor. Nothing wrong with it. All tune-up parts are still available. Go ahead and buy it. Make sure you get the tank with it. You can't use a modern single line tank on that motor unless you convert it to a fuel pump.
properly maintained, it will run fine for another 50 years. the main thing, is when shifting, it must be quick and deliberate, slow shifting into and out of gear, wears the edges of the clutch dog, and gears. also oil mixture is 24:1 with TC-W3 outboard motor oil.
