Yikes. The good news is that your lower unit is NOT lying on the bottom somewhere. Nothing worse than thinking you have a lower unit problem only to tilt the outboard and find that you, in fact, have no lower unit at all.
Sadly, I have to agree that the odds are that this is not going to be pretty. Just for starters I’m wondering how many of those lower unit bolts sheared off in the holes? Ug!
As a tip for all the guys who are doing their own water pump replacements, PLEASE do your self a favor and use anti-seize compound on the threads of those bolts. The stuff costs $3 a tube! I’ve had to try to back out broken bolts twice and I got blind lucky both times and actually managed to get the threads out of the hole. Therefore I know at that a)my luck is about to run out and b) even when you do get lucky, it adds an extra hour or two that you really don’t want to add onto a project.
Grouse