TOPIC: '72 Evinrude Starflite 85hp (85293R)

In November, I bought a "new to me" '72 Fabuglas Trident Mark II with a '72 Evinrude Starflite 85hp outboard. I am quite new to owning a boat and have absolutely no real information about this boat/engine. What I do know is that it was run last summer. When I got it home, I winterized everything. The engine turned over (starter works and not bound up) and there was no water in the gear oil.

--Issues and Questions--

When I went to hit the wires with anti-corrosion spray, I noticed that the wires coming out of the amplifier assembly (power pack?) are all fairly cracked and have exposed wiring (picture attached). There is also a wire that goes from teh amplifier to the stator that is cracked like these (I couldn't get a good picture) I understand this item can be somewhat costly and difficult to locate. Should I just cover these with heat shrink or liquid electrical tape? I really don't want to dump a bunch of money into this thing until I know how well it will work and how much I will actually enjoy boating (never really done it).

I have absolutely NO idea how long this engine has sat unused or when it was last used regularly. Aside from those couple of cracked wires, everything looks in good shape (especially considering the age). However, should I just bite the bullet and replace the impeller and housing for the water pump? Would it really hurt anything to take it out a couple times before replacing these? Also, when I do replace the water pump stuff, while I have it all apart, what all else should I plan on doing?

Finally, tune-up. I got an Evinrude factory service manual for this engine. It has a very lengthy tune-up procedure that details:
1) remove the bypass covers, exhaust covers, and cylinder heads to clean carbon from the cylinder heads and top of pistons.
2) inspect/replace spark plugs
3) inspect and test points, coil, and ignition wires
4) inspect fuel pump and lines
5) synchronize carburetor linkage
6) inspect electric shift linkage
7) drain / refill gear case
8) inspect prop
9) tank test/check cooling system operation

This seems quite in depth and requires some OMC special tools (that I don't own). What do I typically need to do for an annual tune-up?

Absolutely replace the pump. A pump failure can and will take out the powerhead in under a minute if running on plane when it goes.
You have not mentioned checking spark. That needs to be done as well as a compression check.
Spark can be checked with the plugs out of the heads and while doing a compression check.
Heat shrink and/or liquid tape can be used on the wires until the need for replacement is determined.

Ok. I have found an article on here detailing how to replace the impeller. I have a couple questions... Can this be done with the engine on the boat? Not sure how long that shaft is and if I have to remove the boat engine to remove the lower unit. And, while I am that deep into this, what else should I do?

Absoluteyl you can do it on the boat. I do mine that way all the time. You'll probably have to tilt it up though. If you haven't checked the lower gear oil check that at some point but that can be done while the unit is on the motor.

Bob