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Mercury used quite a few different stators in those years, but here are resistance checks that you can perform with your multimeter. If you have a DVA adaptor for your multimeter, you should also take voltage tests, as this is the best way to check it.
1. Flywheel with magnets glued in
Blue to Blue/white - 3250-3650 ohms - 100+ volts when cranking
Red to Red/white 75-90 Ohms - 25+ volts
2. Flywheel with magnets bolted in
Blue to blue/white - 5000-7000 ohms - 100+ volts
Red to Red/white - 125-155 ohms - 25+ volts
3. Red stator
White/green to green/white - 500-700 ohms - 100+ volts
Blue to blue - OPEN no resistance 0 100+ volts
Blue (each) to ground - Same as above
If your stator fails any of those tests above it is no good.
Also check your flywheel for broken magnets.
Post back with questions.