Im working on getting my year long project one the water. Hopefully a test run at the end of the week. Changing the impeller is a must. Check all the hoses. Shaft packing. Grease rudder. Def get rid of the points, I installed a conversion kit last week and the boat fired up with the first key turn and idled at 600-700 rpm. Your carb may be in need of a rebuild, but if youre getting a new motor, you may just want to get a new carb. I rebuilt mine, nothing to it really, just be patient.
The obvious things to do are changed fluids in motor and tranny.
Here's my restoration thread.