Change the gear oil. If this is your first boat, buy the kit that comes with the pump and the High performance Gear Lube. Cheap, and easy.
Stick with the oil that the former owner was using. Just run conventional. Its more important that you change it often. I change mine every 10-12 hours. On a stock motor like that, I would say you can go 25-40 hours or one season on the oil. Just continue to monitor levels. Get a Wix filter not some cheap brand.
Change the Fuel Seperator and depending on the motor, the fuel filter.
Enjoy the boat.