Well, mosquitoes managed to lay eggs and hatch in the water in the bilge area of the boat, so I decided it was best I got it outside on slope to drain and dry out as much as possible. I had to use the wet/dry vac to get most of the water out, as the bulkheads don't have "pass through" holes in them. Gonna have to drill them. Any ideas on what do use to get in those tight spots, I'd be interested.
I think based on the responses, I will continue to work on the boat, but while I'm waiting for the boat to drain and dry, I'm going to clean the dirt dobber mudd off the motor, check out the damaged wires, do a compression check and drain the lower unit's oil to see if there's water in the lower. After that, I'll know enough to be able to decide to keep or sell the motor, so I can take it off the boat and continue to work on the boat.
Sometimes "events" help make decisions for you. Dang skeeters.