1976 Probably has an electric eye in the distributor. If it does, there is nothing to do there. To check, look at the side of the distributor. If it has two wires it is electric eye. If there is a sticker saying "electronic" then it is electric eye. If it only has one wire it is points. If this is the case, clean the points and set to ,010 open.
Pull the bowls off the carbs and check for varnish inside them. If you do see any, remove the carbs and clean them WD40 works very well at cleaning.
Drop the lower unit and change the water pump impeller. It has most likely become hard and taken a set. To drop the lower unit, there are six bolts along the outside and one hidden bolt inside the exhaust snout. You must also disconnect the shift rod under the lower motor mount.
Once you re-install the lower unit, drain the oil and refill with a marine grade 85-90 weight. With the engine vertical, pump in oil through the bottom hole until it issues from the top vent. Cap the vent then quickly remove the fill tube and put the plug back. DO NOT remove the small screw on the side of the gearcase bullet. That is the shift yoke screw, not a drain. The drain will be on the bottom near the center of the skeg.
Use a 50 to 1 ratio gasoline to oil. Regular 87 octane 10% ethanol is fine. Use TWC-3 oil and for the first start, squirt a bit into each carb. Put a little in each spark plug hole too
Check all hoses and wires. repair or replace if necessary.
Check that timing is set to 30 or 32 degrees BTDC at wide open throttle. You do not even need a light to do this. With no gas in the engine and the ignition switch on, put the control in wide open throttle. Now turn the flywheel by hand until you see the top plug fire. Compare the decal or marks on the flywheel to the block pointer. 32 is factory specs but 30 is safer.
