Yes I am very familiar with those motors. I have owned many between 25 hp and 75 hp which is what I have now. The funny thing is when my wife and I were looking at new boats in 2010 we looked at everything available and narrowed it down to two boats. One was a VT-17 and the Lowe Stinger 170. We chose the the Lowe only because of the storage layout, but I loved the vt. Now the engine you have is a 2 cycle outboard meaning it is like a lot of the lawn mower engines of old. You will fill the oil tank and the engine will mix the oil and gas automatically. That oil gets burnt with the fuel. A four stroke or 4 cycle engine uses a pan or reservoir to store the oil, and a pump to distribute that oil through passages throughout the engine. The oil is recovered and cools in the pan to be reused. The first place a 4 cycle oil pump sends the oil is to the filter and on to the block.
Lets get back to your maintenance. I recommend you find the small Mercury engine tag located on the engine near the trim tilt assembly (near the engine mounting bolts). Jot down the year, model, and serial number. My tag says it is a 2000 Mercury model 75ELPT. This also tells me it produces 75 HP 5200 RPM and then lists my serial number. Take that info to your local dealer. Order an "Owners" manual, not the service manual, but the factory original operator manual. They are little, like 5 inches wide and 8 inches high, should cost about $20 bucks at most. In here will be a lot of warnings and stuff, but all of the maintenance info and how to use the engine will be here. They are very useful, even for me since, different years have different starting habits due to the fuel system components. I have yet to see any Merc under 150 HP that said to use high test, it won't hurt it, but they always suggest 87 to 89 octane and that is what I use . Your outboard and mine are very similar so here is what I do with mine. In the beginning of a season I remove the top cowling and visually inspect my fuel lines for cracking or aging, make sure the plugs look good (I pull em, if they are good I reinstall them), I replace them about every 2 years, but mine get a lot of use) I make sure my batteries are charged up. I hook up a set of "ear muffs" ( a tool to run water through the outboard while running it on my driveway hooked up to a garden hose) If the water pressure gauge shows I have good water pressure and the tattle tale (water pee hole) has a good stream coming out I am fine. Once every other year I service the water pump with either a new impeller or a new complete water pump. Once all of that is in order I drain and inspect the lower unit oil and refill with new. That is about it, but I do one more thing and this has to do with the fuel we are forced to buy these days, We are forced to run gasoline which contains ethanol which can cause many many fuel related problems with outboards and for almost every type engine it get into. The ethanol can cause fuel lines to come apart internally, cause gasoline to draw water and those two do not coexist well, destroy internal engine gaskets and sealants etc. A very simple solution is to add Startron fuel additive every time I add fuel to my boats' tank. It comes in a clear bottle and is a blue colored. it is concentrated so I just add a bit when I refill my tank. I believe an ounce treats like 30 gallons? You mentioned SeaFoam that is a terrific fuel system cleaner and I highly recommend you top up your boats fuel tank and run 1 bottle through it. I also use it more concentrated when working on an outboard with gummed up carbs, but you won't need to do that. Also do not mix it in with your oil. If you have- it won't kill it but it is not good for 2 strokes. I would recommend always using Mercury or Quicksiver Premium Plus TCW3 2 cycle outboard oil. there are cheaper alternatives but I build engines for a living and will not use anything less with these outboards. I had one Merc 200 HP on my 20 footer that ran perfect for me for over 13 years and it is still running fine for the guy that bought it from me (it is a 1998 200 EFI) To save money on the oil I usually buy it at Bass pro shops in the gallon jug. You are right on as far as the trailer make sure all of the hardware is tight, lights all work, and I pull my bearings every 3 to 4 years, but keep them adjusted and greased and that about covers it. Good luck and enjoy your new toy. If I can answer anything else feel free to send me a note directly that is what makes this board great. Bob