OK, so it seems like you have already bought the 82 2hp, correct? I guess step one is to check compression, although readings may vary due to the small combustion chamber and gage check valve location. Have you had the engine running? If so, how does it start and idle?
You will need to decide just how much you want to service on the engine if it starts and runs OK now. I would at least pull the prop, check for fish line in the seal, and change the gear lube. These engines only have one fill drain screw, so you will have to tip the engine up and just let the lube drip out slowly due to the air lock. Filling will be tough also, best done with a little oil squirt can. You will need to tip the engine up with the drain hole facing up, fill until the lube seems to flow out of the fill hole, then let it sit for awhile so the air bubbles purge, then repeat this fill process a few more times until you are sure the gearcase is actually full.
Making this engine a reliable daily runner will mean servicing the water pump, ignition, and fuel systems as well.
Post some pictures of the engine with any questions you have….D

I just want to concur with Cajuncook1’s post – I’ve had two different 1952 3 hp motors and they were fantastic. Easy to work on and reliable! Plus, they look cool.

A 17′ wooden dory that weighs 100 pounds? That is some light wooden boat….is that right?

The further back the engine is, the better maneuverability you will have….