Water pump repair kit is $39 if has a 78 back lower on it. If 79 up the kit is $36. Lowers are so interchangable would really need to pull to identify what pump you have. Seal kit is $39 if original case to 83 $62 for a late case. As far as labor. The labor guide I use showes 2.5 Hrs. which would include the water pump because you have to remove to tear down the lower. Depends on what the labor rate is where you go. Some places are 80-100 Hr. Hope this helps.
Also keep in mind that they are several different labor guides (I have 2 on OMC and MERC) and they are ususaly close to each other. Some places don't go by books. You can also add in fluid, cleaners, ect.