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Honda already have a V6 single turbo engine, controlled by the MECU, used from the start of the 2012 season in the IndyCar IZOD series. It is 2.4l, so would need a rescale and have ERS added - not a massively difficult task, but it has already been 'race proven' as far as the basic design is concerned.
As far as the Merc engine is concerned, McLaren have an option until 2015, so Merc cannot bail out.