Wisdom may come on little cat's feet but in so doi
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That would be a 1961 merc 500
The first year merc got 50 mules out of their 4cyl by adding an exhaust tuner in the tower
Ask to see paperwork on the "rebuild"...as Ray said you will likely just see receipts for paint and maybe an impeller if you're lucky
Mercs are great motors but They require a lot of special tools and are not for everyone.
As far as the cool factor-
An old OMC has a cool factor of Bess Truman.
An old merc has a cool factor of Melania Trump
The rig you posted seems nice but VERY PRICEY... Lots of FC out there for way less $$$...also keep in mind that transom is rated for 33HP MAX I run a hot rodded 61 merc 500 on a transom reinforced with 1/4in alum welded over the existing transom. I would be very leery of running that Foxberg PA boat in rough water- that transom will flex a tree in the wind
Try to find a not so shiney FC for approx. $1500
I will sell you a perfect running merc 300 full elec w/controls for $500 that actually HAS BEEN rebuilt
Shine the boat up yourself & save $3500
All of the above... That Merc is a great motor, but is a bit more complicated to work on than other vintage motors. If you're mechanically inclined and don't mind getting your hands dirty once in a while, it can be pretty gratifying to make them run. I'm biased, but I think that Mercs on vintage boats have a certain 'cool factor' too.
If you don't want working on motors to be a central part of your vintage boat experience, but the boat is just what you're looking for, maybe you could consider running it for a bit and swapping it for a newer motor when the right deal turns up. You won't have any trouble finding a buyer for that one. New motors are really easy to find; old Feather Crafts in nice shape. not so much.
"Kiss my ass, I bought a boat; I'm going out to sea." - Lyle Lovett
Most of the folks I know that run vintage motors on vintage boats have as a hobby a love of vintage motor repair and maintenance. I know that is not answering your question. Folks that don't know much about motors have more motor problems, new or vintage.
I have very little experience with fixing or tuning outboard motors. (I basically know how to wintertize them). Therefore I have been looking at a more modern motor. But I wouldn't mind a vintage motor if I could find one that has good reliability record and ease of maintenance. Would a Mercury 500 fit that category or should I look elsewhere?