Looks good! Color of lower unit matters not; its function would be the same. Likely the original green L/U busted some springs and they replaced it with the white one.
Very good motor, too. A plus for this one is that you get a generator. Hopefully the inboard-mounted control box with DC voltage regulator is still present. BTW there should be a wiring diagram decal on the inside of the box.
Here's a link to a wiring diagram for your Selectric:
maxrules.com/graphics/omc/wiring/67_68_40HP.jpg
One Big caveat on these: the electric shift cable can be somewhat fragile. So if you're going to pull the lower unit for any reason, be sure to access the "window" on the side of the engine where the cable goes thru into the exhaust area, down to the L/U. Once you have the window loose, lube the heck out of the cable penetration so the electric shift cable will slide thru easily. The cable can be damaged if you pull on it too hard, and are hard to find and extremely expensive to replace.
That being said, the motor is a true Work Horse and should give you excellent service if the internals are in good shape. It looks very clean, like it's never seen salt water. That's a plus! An old JohnRude run in fresh water will likely outlive us all!
Have Fun!............ed