My '76 Amber Jack has a Ford Merc and it's black. It doesn't appear to have been re-painted, though my '79 EC Chrylser motors were originally blue.
Mercruiser painted all their gear Phantom Black whether the engines are ford, GM or ???? FoMoCo engine colors in their cars were blue and Chevys were red. Crusader pained their engines blue regardless of the origin of the engine. The engine in that boat looks like it may have been a Crusader.
My point is, if it is original, as that seller says it is, why is it not black?
Rittles, what I am trying to say is be prepared for your boat to cost you a lot more than you paid for it and don't plan on using it much other than to work on. I really hope I'm wrong for your sake. Boating is a wonderful past time and I will be doing it until I am physically unable. But this is most likely not going to be a pleasurable experience for you. I don't want it to turn you off from boating.
I truly wish you the best of luck with this project and only ask that you do not cut corners to save a dollar here or there. Do not use automotive parts for your boat and consider safety first at all times. Remember that you are responsible for everyone that ever rides in your vessel and you would never be able to forgive yourself if someone was injured or worse because you cut a corner to save a couple of bucks.
Remember, there is never time, or money, to do it right but always time, and money, to do it over.