Re: You really need to remove the gearcase to chage the waterpump?
I'm still a newbie, but it isn't that bad. Follow the manual instructions to the letter (including throttle lever placement prior to disconnecting the shift rod and unbolting the lower unit) and you'll be fine. Helps to have an assistant when you're putting the lower unit back on. Often you have to rotate the crankshaft a fraction of an inch at a time (via the flywheel nut on top of the motor) before the driveshaft will slide up into the powerhead.
Don't let the grease and sealant requirements drive ya crazy. Nobody in my area carries the "OMC" stuff.
For OMC triple-guard grease and "moly lube" use any marine type grease. Quicksilver is readily available, and you'll use it for lubricating other things on the motor, too.
For OMC Gasket Sealing Compound, use Indian Head gasket shellac. Comes in a plastic bottle with a ball applicator. Available at any auto parts store. It's messy, but turps will take it off your hands.
For OMC Adhesive M sealant, you can use Permatex # 2, also available at the auto parts store.