Thank you to all those who were able to help me figure out what I had.
It appears it was gently used, if used at all.
The lower unit and gears were in immaculate condition, with few signs of ever having oil in them.
Great tolerance in the crank and prop shaft bushings.
Next steps for me and this motor is sourcing some odd parts. I need a stern clamp bracket, and a fuel tank. I am willing to search far and wide for these parts.
Also wondering if someone has a sheet or knows how many microfarads the condenser on these were. I’m not sure how to check, but I know how to rebuild condensers.
Thank you!

Lower Unit

Prop shaft and bushings
Disassembled
Whole
"Shells sink, dreams float. Life's good on our boat."
1949 Mercury KE-4
1952 Mercury KF-3,-5,-7
1952 Mercury KG-7Q
1937 Evinrude Scout
1938 Elto Pal
1946 Evinrude Ranger