for your parts needs, you can go here:
http://www.eastcoastmarineservice.co...it.html#wpkits
that number matches up to a "Mercury Water Pump Kit includes plastic pump housing assembly, impeller, face plate, gaskets, drive key or pin, water tube guide sleeve, orings and gear lube fill & vent screw seals." Its $49.00.
Seems to me if it isn't peeing like a champ after that, then there could be some blockage in the internals from years of use. Kind of how plumbing at home can get mineral deposits. Not really sure what would be next if thats the case....