If it's just elbow grease and replacing parts that always need replacing - and the price is in line with expectations - go for it.
I have a friend with a Merit 25 up on a lift, his centerboard has been giving him problems lately, won't go up or down, not sure which...you did not mention it, but I think you should take the time to make sure it works properly. Heavy bugger, hate to have to work it when stuck.
He's using my 2.5 hp 4 stroke to push his, reports 4-5kts thru water. You also didn't mention O/B, so I'm assuming it's not coming equipped. Good news is for getting on / off the trailer it doesn't take much.
Good luck !