What year is the motor? Going solely by the tiny bits sticking up past the hull, the color looks almost like the post 2000 Johnsons. But not quite. Also, the shape suggests that the motor is closer to the '93 of the boat. Just not enough showing for me to really see.
I can't tell you if it is worth it or not without tearing it apart. Depends really what it needs. Sometimes, it just needs new pistons, rings, and to be bored larger, along with other minor things entailed with that. However, it may have a damaged crank as well, or cyl. head could be shot as well. You need to pull the heads, and see what exactly has been damaged. Also, how many cyls. have been damaged. Fortunately, because it is a two stroke, if for some reason only one cyl. died, you can repair that one, and not have to repair the other 3, like you would on a 4 stroke, as they are totally isolated from one another. Ask around at what some of the shops around charge for a 4 cyl. Johnson. It is going to be on up there. I saw one on a quick search that charges 2995 for a full powerhead rebuild, on a V4 Johnson Crossflow. Now, you can save money by doing most of the assembly work, and just shipping out the bare powerhead for resleeving/boring out.
Because it was an overheat problem due to the water pump, and not a lack of oil to one cyl. or something, my guess is the whole head needs rebuilding. Given that, I would be searching for a nice used V4 Johnny or Evinrude of a similar year, and swap them out. Around here, you can get a circa 1993 V4 (90 - 115 for the most part) for 2K all day long, and 1K - 1500 if you are willing to search a while. That is where I would be heading if I were you. If the year is real close to the same, you can keep your lower unit, which would then guarantee that it won't hit a rock or something, whereas if it matches, and you sell the old LU, Murphy will always make your old lower unit die. :shock: