New boat owner here, and I would appreciate any help with diagnosing my motors problems. I recently purchased a 1976 seaswirl trihull with a 1967 Evinrude 33hp ski twin (Model 33752C). Being new to boating, this was a great boat to learn with. Motor looked very clean, started easily and idled great. When I picked it up I changed the spark plugs and lower unit oil (which was like sludge and super thick). The previous owner only used it a few times in the last few years, never tuned it up or did anything to it (but ran it a few weeks ago without issues).
I took it out on the lake today to see how she runs. Started great, ran great for at least 4 hours, but then I started suspecting symptoms that something wasn't right. The low rpm idle didn't sound so great anymore and it almost stalled a few times. Then when I shut the motor down there was a strong odor of gasoline. I could see gasoline around the engine and little white bubbles which would float to the surface and pop and smell strongly of gasoline. It seems to be coming from the exhaust, but I wasn't too concerned since I figured that may be normal for old motors. Later, when I headed back in, the motor lost all of its pep and power at full throttle that it had earlier and started sputtering and would only go slow. I then noticed a spark arcing on the bolt that the steering wheel cable connected to the motor. When I would wiggle the wheel left/right to make that assembly move, occasionally a spark would arc off the bolt. I loaded up my boat and went home, not sure what to think about all this. What is the best way to diagnose these problem(s)?
Picture of my motor:

I took it out on the lake today to see how she runs. Started great, ran great for at least 4 hours, but then I started suspecting symptoms that something wasn't right. The low rpm idle didn't sound so great anymore and it almost stalled a few times. Then when I shut the motor down there was a strong odor of gasoline. I could see gasoline around the engine and little white bubbles which would float to the surface and pop and smell strongly of gasoline. It seems to be coming from the exhaust, but I wasn't too concerned since I figured that may be normal for old motors. Later, when I headed back in, the motor lost all of its pep and power at full throttle that it had earlier and started sputtering and would only go slow. I then noticed a spark arcing on the bolt that the steering wheel cable connected to the motor. When I would wiggle the wheel left/right to make that assembly move, occasionally a spark would arc off the bolt. I loaded up my boat and went home, not sure what to think about all this. What is the best way to diagnose these problem(s)?
Picture of my motor:
