Yes they have a waterpump and the rubber impeller(s)
probably needs replacement. Located in leg above the
gear case. Equivalent to Mercury Mark 6
Fuel mix is 6 oz Formula 2 Quicksilver 2cycle oil to gallon of gas (128 oz) or about 22 to 1. Good name
brand quality TCW-3 is okay alternative.
If experience is any guide I think you have a few evenings work before motor is ready to fuel and
start. Long term storage seems to be the lot of old outboards. Some old outboards were prepped for long
term storage and no issues arose related to storage...that is NOT the norm. The neutral start
feature may present some complexity in servicing
waterpump impeller. Repair manual and parts manual
would make it easier...unless you belong to the group (large) who's slogan is "we don't need no stinking manuals..."