Re: 1957 Johnson 3Hp
That motor should be run at 16:1 and no less. The instructions on the decals will specify 1/2 a pint per gallon. Hopefully, you haven't done any damage to it yet.
Those are great motors and it's no surprise that it fired up that quickly after sitting so long. That tells me that whoever put it away, did things right, before they did. I love it, when people leave gas in them, then when you pull it out 20 years later, it like lamp oil. It's a very safe bet, that the impeller is hardened up and broke into pieces, after you started it up. If you're lucky, not of the fragments didn't go up the water tube and clog it up.
It would be a good idea to go over this motor completely and give it a major tune up.
1.) Coils, wires, points and condensors.
2.) Carburetor rebuild. Make sure you get a new plastic float.
3.) Water pump impeller.
4.) New lower unit oil with new washers on both plugs.
5.) Possibly new lower unit seals. After you run it in a barrel, check the lower unit oil and make sure there is no water intrusion. It will look like milk shake, if water got in it.