For the lower unit, it looks like it is time to sand, prime and paint. I did mine last year. It takes some time, elbow grease and several cans of paint, but it is worth it.
Yours does not look real bad.
I sanded mine down to bare metal, and primed it with 2 coats of zinc chromate primer. It's either yellow or green for the primer.

Then light sanding, and apply two more coats of Volvo OD paint.

And you are done and ready to splash the boat.

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One of 4 Previous (Sold) Boats:2000 Four Winns 268 Vista
Current Boat: 2004 Chaparral
235 ssi cuddy
