The recon cost was $2500 but it's been sitting for a few years so unknown what effect that has had, hence the price.

The Velvet marine transmission 74-1G is an older model from the company formerly known as BorgWarner Marine, which built transmissions for decades before being acquired
. Though specific information on the 74-1G is limited online, its characteristics are consistent with the general features of Velvet Drive transmissions from that era. These were known for their hydraulic operation and use in a wide variety of marine applications.
General characteristics
Based on information for similar Velvet Drive transmissions like the 71C and 72C, here is what you can expect from a 74-1G model:

Design: The transmissions used a planetary gear set and multiple-disc hydraulic clutch packs. This design allowed for a smooth change between forward, neutral, and reverse.
Operation: A hydraulic oil pump, driven by the engine, was responsible for operating the clutch packs, providing lubrication, and cooling the system.
Fluid: These transmissions typically used Dexron III fluid, which is now often replaced with a compatible modern equivalent.
Engine pairing: Velvet Drive transmissions were paired with a wide range of gasoline and diesel engines, and proper matching of the engine, transmission, and propeller was critical for performance.