Used to work on lots of mercs, but been a while so bear with me

If you feel the risers and they are cool all is usually good. Can't hurt to pull them and clean the outer water passages, sometimes they rust up. Otherwise if they stay cool to the touch and you don't have water in the oil you should be good. If you pull them, or even if you don't, check the exhaust baffles. If they are originals I'd upgrade to the new style they last longer. They are below the boot that connects the riser and elbow to the exhaust Y, that goes down through the transom. When in place and working good they keep water from backflushing into the engine if you stop fast or take a wave up the rear. Of the boat.

I'd change the water seperator every 6 months if it was me. And yes oil changes through the dipstick via vacuum. Or install a drain hose that connects with a clip to transom drain plug, then you pull it out and drain it.
Raw water (lake water) runs through the exhaust. A gasket between the riser and manifold is all that keeps coolant and raw water from mixing. Depending on the system, there's full, 3/4 and maybe even 1/2 systems. Some just cool the block and heads, some manifolds too, etc...
Hope any of that made sense. PM me for any help I'm very familiar with them and still have a bunch of specialty tools.
Chris