If it starts and then wants to stall, quickly squeeze the primer bulb and see if that revives it. If it does, that is a pretty good sign that the motor has a fuel pumping problem, but does not narrow down where the problem is. It might be the fuel pump but could also be the hose, tank venting, carburetor inlet valve or an air leak anywhere along the fuel delivery system.
So let us know what is happening before we spend a lot of time fixing things that are not broke. Also, if you run it in a water bucket, not only should you ensure the lower unit is submerged enough to prime the water pump, but make sure the gas tank is elevated above the ground. Those fuel pumps, even when new, only have so much pumping power and the ground to the carburetor is a lot higher then any elevation that fuel tank would ever see in the kind of boat that motor would ever push. So put the fuel tank on a table or something to raise is up a little. That motor is 57 years old so lets not make it do more then it was designed to do. It has already surpassed everyone's expectations.