Re: 196? 18 hp Johnson issues (need some suggestions)
Water pump is fine, compression good, found fuel leaking around the lean/rich knob shaft (there is no knob on the shaft making adjustment a pain). The shaft where it goes into the carb looks like Billy Bob got ahold of it with a pair of channel locks. Probably would be a good idea to take it out and clean it up with some emery cloth, and sure won't hurt the carb to put a gasket kit in it. Know of any place to get a replacement adjustment knob?
(and the motor is a fd-15, 1961 model 18hp).
Well the reason I stated 24:1 fuel ratio, because you stated that you had a 1961 18hp Johnson.
This information was copied verbatim from a OMC (Johnson/Evinrude manual)
OMC12-20HP OLD OUTBOARD MOTOR
EVINRUDE, GALE AND JOHNSON
12, 15, 18 AND 20 HP
Carburetor
Make
Fuel?Oil Ratio?Before 1964
24:1
Fuel?Oil Ratio? After 1964
50:1
Well, I am certainly glad to hear that it is the head is cooling ok

. You can ignore all the crap I posted about head cooling then

. I guess you just need a good carb job and kit. The question about where to get a slow idle needle is list above in one of my enteries with the link for it and you can also get a replacement starter prawl as well. You might want to lube your starter spring it might have old thick drying grease in there.
If you do a carb rebuild with a kit, remember to remove the core plugs and clean everything out well. remove the old slow needle packing, because the old packing gets partially dissolved by the carb cleaner and also when they get old, they allow air in and mess up your fuel to air mixing fine tuning. Use that new packing that comes in the kit. Make sure you level your float as described in the links listed below.
Here is the forums link to carb cleaning and another link for adjusting your carb slow idle needle.
http://forums.iboats.com/showthread.php?t=244013
http://forums.iboats.com/showthread.php?t=167352
Hope you get your motor fix soon!!