Once motor is running the spark can be checked with timing light.----It should always fire between those 2 marks on the magneto plate.----You are timing the opening of the points !!----Timing of spark relative to piston position looks after itself.
When the marks are in the right position it is the point where the points open.----Actual gap when fully open does not matter !-----Working on a 5.5 HP 1959 Evinrude today.----Same magneto and all very simple to me !!
Timing marks.------They are not like you would be used to on say a 350 chevy.------Put throttle to idle.----Remove sparkplugs.----Use screwdriver to bring / check for top piston at TDC.------Now look near the 2 vertical lines on magplate.----Find a SINGLE mark on flywheel near those 2 vertical...
Looks to be a 67 or newer model ( 1970 was last production year of electric shift ) ----The model # should be on a plate above the transom brackets.----You have to vacuum out those red paint flecks.----- The special timing tool is nothing but a dummy flywheel.----So you can use the 2 timing...
As products get more wires and electronics on them the ability to repair these products goes down.-----Modern manufacturing and corporate policy is-----" it can not be repaired. just buy a new one " ---it seems.
Later years used bigger bolts and alignment dowels on the gearcase.-----Also on some years the driveshaft had a nut / bolt on the bottom.----Some research required.
I am planning a 2000 mile tow.----New wheel bearings. new tires, new spare tire.-----Extra support ( temporary ) for the Action Marine 17 hull.-----Using 3/4 ton with diesel.
Company where I worked we installed Helicoils in aircraft navigation components.----That was 50 years ago.-----Should be simple to install in outboard motors today.----Just my 2 pennies worth.
Model # of your motor ?----The stator under the flywheel charges the battery.----Models without power trim / tilt had a rectifier.------Those with trim / tilt did come with voltage regulator.-----Regulator would be found on top of the block.----It is water cooled.