The woodruff key I have for it is in good shape so no worries there but I will plan to replace the mag cam.
CRS to your question I guess if pressed I would lean more towards the latter. The only reasons for that are simply time, money, and skill! I don’t posses the money for a $1200 professional inspection, overhaul, and rebuild, and I don’t have the time or the skill to do one myself. My goal with this motor is to have something that I can be reasonably assured will work when I need it to. I do not play on unpopulated lakes.
From what I have seen thus far it does not look like this motor was “rode hard and put up wet!” It looks like whoever had it before me too care of it while they were using it and abandoned it when it overheated and seized.
I hope that gives a little perspective about where I’m at and what I’m looking to get out of it.