water pump question

I am fairly new to boating, and very new to working on my boat. I have a 22' seaswirl sable 1992 with a 351 inboard outboard. It has been sitting for two years now and I am trying to get it going. When inspecting the front of the engine, I noticed that where the water pump bolts on there is a lot of corrosion and rust (not on the water pump but on the part it bolts to). This doesn't seem to be the timing chain cover-it almost looks like a spacer of some sort with small fins on the edge. Should I tear into this and start replacing corroded parts or am I good to try and start her up and see what happens.

Any help or ideas would be greatly appreciated.

See ya on the waves!!

 

I would check the oil first, water hoses etc. and get it running. The rust is most likely from being in a Marine enviornment.

Good luck, Jango