Scott,
Just my opinion but I'd still see if it will start and run before I started replacing bits, but I also wouldn't put it in the water until you're confidant that it's in good working order.
For instance, if you don't know when the raw water impellor was last replaced you will want to verify that it works. To do so you'll need to put "muffs" on the drive, hook a hose up to the muffs, turn the water on, and start the engine. Don't rev the engine past, say 1500, and keep an eagle eye on the temp gauge. If you really have no idea when the last time the impellor was changed it would be an even better idea to replace it before you try to start the engine. If the impellor is old and the veins are brittle they could break off and end up in all sorts of places within the cooling passages - possibly causing a hard to find cooling problem.
Dan
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