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4000 Hr Engine
A properly cared for engine would easily last this long and much much longer. A rebuild would require pulling the engine.
You might pull it and do all new seals and perhaps some bearings. It would be a partial rebuild. Not uncommon for an engine to go 6,000 hours without a rebuild.
I recently saw a boat that was from 1979 and it''s engine was pulled just a year or so ago and did not need a rebuild and as it turns out it didn''t even need to be pulled. The problem was easily fixed once it was in the shop of a skilled mechanic and could have been done on the boat. Since it was pulled already they redid seals on everything just because it was easy.
Get the best person you can find to look at it and do some testing before you pull it.
OTOH, if the engine had half the hours and was abused it might be worthless at this point.