By the general apeparance of the motor, the PO wasn't much into upkeep. Oil, 15W40 diesel grade oil reccomended, but any automotive engine oil will work fine...same engine as a Chevy pickup. AC PF454 or Napa 1069 oil filter. Suck out the trans fluid and change it. Get a $10 drill operated pump and some hose/fittings from teh hardware store to make a pump for teh engine oil and trans oil.
Impeller, fuel filter, clean the air filter, check all teh hose clamps, grease the steering cable and rudder (under panel behind the motor). Tune up if needed.
If you're used to outboards, IMO, these are much easier to work on. Most general parts are available at teh auto parts store too.
If it runs good, don't bother draining the gas, these engines are not that finicky. If you need to drain it, disconnect the line coming out of the fuel pump and stick a hose on it. Run 12V with some jumper wires from teh battery to the fp terminals an pump away. Drain the extra fuel out of my 190 every year like this (careful of sparks!).
Hammer out the prop and if it doesnt vibrate, you're ok, but not great. A new prop will do wonders over the stock OJ cupped prop. Many threads on the best prop.
Fix the gelcoat. At least paint or gel over that damage before putting it in the water anymore so the 'glass doesn't absorb anymore water. If it's been wet recently, I'd let it set and dry with nothing on it for a while.
'06 X2 MCX
"I understand why some people may not want to do this the way I have recommended but I can't understand the death grip some people have on a toilet plunger with a hose fitting." -JimN