I haven't taken a compression test, but I can almost bet it needs to be re-rung.
My low hour '69 Century is much harder to spin over and I can spin the '75 by hand-almost.
This outboard has been "ridden hard and put away wet", by the looks of it.
So, I'm just trying to get a plan of attack when I do finally start on this "project', and a parts list.
I've read I should put some silicone (high temp), on the head and base gasket.
I'll check bore for size and taper when I get it apart.
Clean carbon off piston.
Flush coolant passages out.
Clean up the threads
new S.S. head bolts
(great info here)!

Now the question.............
Do you "break the glaze" off the cylinder with a hone, or just clean/inspect?
If the cylinder has a coating (chrome or??) like bikes, it's a bad no-no, but if not, I was taught YEARS ago, the rings won't seal.
Do I or don't I?
Joe
If this was easy, doctors and lawylers would be working on them