Play nice folks.
This 15hp rebuild can be done.
Things I would be looking to do - before I venture out again.
1/ New propeller obviously (aluminium). Opportunity to grease the prop-shaft and fit a new split pin on the castle nut
2/ New gear oil - I'd love to see what comes out. Fit new fibre washers on drain and fill screws. Yamlube or similar
3/ Clean fuel filter on engine
4/ Renew starter rope - going with condition of other things this engine has had a hard life. The last thing you want is for the starter rope to break
5/ Renew impeller. I'd want a proper look of the waterpump
6/ Check thermostat and clean (buy a new gasket first), hopefully you can reuse theromstat
7/ Repair the casting. As suggested, TIG weld is the way to go, epoxy is short-term solution given water and vibration