The General Answer is Yes.

I've had experience with outboards that were over 20 years old and still
ran great. In fact, I was disappointed at how little better a brand-new
engine ran than my 25-year-old Johnson Seahorse.

That said, there's a lot of junk out there, and if you're engine's older
than about 10 years, be sure you know how to fix it!

This seems to concur with another newsgroup memeber's suggestion:
- Old engine can be a good motor -- given that I know how to fix it.

Unfortunately, I don't know how to fix motor. This means I am better
off choosing a motor that is not very old.

I can see that a 2000 90HP motor is within my price range. This means I
should get an old boat hull (like 1986 model), and then outfit it with
a not-that-old motor. Now, I just have to figure out where to find an
1980's boat hull that doesn't come with an 1980's motor.

Thanks for the info though.

Jay Chan