that's pretty nasty looking but definitely fixable. nice that it's behind the bracket so you won't have to mess with cosmetics too much. you'll need...
damn, that's a clean looking bilge. from what i can tell, your boat isn't waterlogged. metal parts corrode more when there's a high moisture content...
you put a fresh 5 gal of gas in, was the tank empty? do you have a water separator filter? running for 10 mins previously and then just dying is odd....