Ayuh,....... If you've got a 350, 'n want more useable power, ya build a stroker, 383,.....
As we all know, there's no replacement for displacement,.....
Ayuh,...... 1 wire is ground,.....
1 wire is switched power, to over-ride the float switch,......
The 3rd wire is constant power for the float switch,.....
Ayuh,
Ayuh,.... Welcome Aboard,..... My 1st guess is a cracked block, from improper winterization,.....
You just bought it, did it get any sorta look-over before ya splashed it,..??
Ayuh,....
Ayuh,..... My point is, ya might be lookin' at this backwards,......
Power comes from the alternator, yer load is the fuse box,.....
Disconnect that side, 'n see what happens,.....
Ayuh,.... Welcome Aboard,...... Clean the crud outa there, it might still have the snap-ring holdin' it,.....
If so, pull the snap-ring out, then try it,.....
The snap-ring can be tossed, it don't need it,....
Ayuh,..... Welcome Aboard,..... That motor has been around quite awhile, in several variations,......
So,.... What year,..?? Carbed,..?? Got the serial number,..??
Ayuh,.... I've done it several times with simple 3 position toggle switches,....
A hot wire to the center post, blue wire from the up post to the up solenoid, 'n a green wire from the down post, to the down solenoid,.....
Ayuh,..... Welcome Aboard,..... I'm guessin' yer talkin' 'bout an I/O drive,..??
The swap is do-able, but involves considerable work, such as new motor mountin' points, 'n a different outdrive gear ratio to work properly,.....
Ayuh,..... Welcome Aboard,..... I donno the brand, but,....
Bein' a flat gasket, you could cut yer own outa bits of flat rubber gasket material, which can be found at most any Hvac supply house,....