I'll echo jimmbo here, in that I have a 1971 50hp Hydro Electric shift, and I love it!
It's a good little engine.
Like the others said, make sure your electrical connections are shiny clean, including grounds.
Anything that gets grounded by being bolted on should be removed and mating surfaces cleaned since that is the ground connection. (Starter for example).
I had to remove and clean the grounding lug on my power head as it was corroded which was my starting issue.
Mine wouldn't turn the flywheel with the plugs in either, but it would turn it all day long with the plugs out..
Once that's all set, do that compression test and spark test as others have said above.
As long as compression is good, it's worth it in my mind anyway.
Might even use jumper cables to the starter to get the compression test done so you at least have that baseline health before going to far with it.
Most of the general engine parts seem to be readily available. (coils, gaskets, carb kits etc..)
It's the parts for the Hydro Electric shifting (shift buttons, solenoids, etc..) that are hard to find, pricey, and in a lot of cases, no longer available so you'd have to rely on things like ebay to find one..
I'll also echo the others in that the prop won't "free up" no matter how many times you push the neutral button with the engine off. Engine has to be running or at least turning with starter in order for the LU fluid to cause the shift to actually happen.
Another thing... You CAN'T use just any lower unit gear oil...
You MUST use "Type C" gear oil.. I've read that not all "Type C" fluids are equal, so I've always made sure when I buy it, the bottle says "For Electric Shift" on it..
Going to follow along here and see how you make out with it!
