thats the accelerator pump .
place a oz or 2 directly into the carb to verify motor will start
use a remote tank connected to the fuel pump ,retest
If motor now runs work back to the tank
filter housings do corrode under the remote housing and leak air into the fuel lines, remove filter and...
when in a straight line the prop locks CCW this is forward gear when turned fully CCW the prop now locks CW and this is reverse, Cant make a mistake on the GEN II unless you had previously removed the shift rod from the lower unit
This is a Alpha but the GEN II is the same
Quicksilver 803099T1 Stern Drive Transom Seal Repair Kit for MerCruiser Alpha One, Gen II Stern Drives with Exhaust Bellows
under $270 for the parts, about 4-5 hrs labor if nothing goes wrong
Maybe? was the motor at operating temp when you introduced the AF?
Something must always exit the exaust system so the rubber components dont melt. Seeing pink in the exaust does not mean it diluted the water in the block.
You will find out in the spring
the crack happens from poor/no/improper winterizing. It is repairable by grinding a V in the crack, cleaning with Acetone and JB weld. Done correctly is will hold for many years
1.52 is usually on the 5.7 260Hp motor. A 5,0 will usually run the 1.65 or 1.84 ratios being only 200 or 220 hp
You may have to remove the drive and turn the inputshaft by hand to determine what ratio you actually have