I would not run ANY JohnnyRude on 50:1. 40 or even 35:1 "Play it safe"
I would look around and find a service manual. You can find them on and off on egag. Look around for online parts sellers and you can sometimes enlarge and print the exploded parts diagrams. The girls all seem to have some or all of the same problems. Lower unit leaks water into the oil, needs impeller, needs carb cleaned, and very very often the coils are cracked open and REPLACE the ignition condensers. Points may or may not need replaced. Set points by opening on the timing marks. Check plug wires for external damage/ oil etc
If you can, pull drain plug for gearcase BEFORE you spin it over much. Water in there will have settled to the bottom if the outboard was stored vertical. "The amount" should give you a clue as to how bad "it leaks." Actually there should be zero. My attitude is, if there are "a few drops," then might gable on running it a couple weeks, recheck, you might make it a season. If you live in freezing temp winters, DRAIN it in the fall Bag the plugs and tie them to the tiller