Well, you have made a good choice. These are great engines, many parts are still available new, and there are plenty of used parts around also. Ignition parts, carb kits, water pump, lower unit seals all available new.
Yes, start with the tank…If it is rusted/badly fouled inside you may have to find another tank, they are around.
You may get the engine started, but you will want to service all the systems completely if you want to make it a reliable daily runner.
While the engine is sitting idle, you may want to drain the gear lube from it to inspect it…There are two large fill drain screws on the gearcase that both must be removed in order for it to drain completely. DO NOT remove that little phillips screw down there, that holds the shift linkage in place, it will fall out of place if the screw is removed….
Gear lube from “back in the day” was usually a very dark color, which is normal…Newer gear lube will be gold in color.
“milky colored” gear lube indicates water leakage into the gearcase
Raw water mixed with gear lube is trouble also
Things are in tough shape if there is no lube at all inside when you drain it…
You may want to take a compression test also. These engines don’t have much compression, so reading between 70-80PSI on both cylinders is fairly normal.
It is best to check these things out before investing alot of time/money in an engine that has internal damage.
Feel free to post some pictures if that will help us help explain things to you….Don
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