Re: Thinking of getting a boat
Simbot,
If you had only said he had been running it 50:1 earlier! That's a big-time no-no. I guess you're going to be able to tell us for sure just how good the new tcw-3 oils are. That motor is made for 24:1 with tcw-3 oil and shouldn't be run without that mixture. You need to check the compression on it before you invest any money in it. Be sure to do the check properly with the plugs out and pull the starter cord until the pressure stops rising. And don't get too discouraged unless one cylinder is a lot different from the other. (I'm sure you already know all this but a lot of folks get crazy numbers and get all upset) I've only had one bad powerhead on 10 or 12 used 50's motors.
Just a suggestion--you might consider locating a used lower unit for that motor (after checking compression) because if you don't know what to look for on the gear ears and clutch dog, you won't know that it is actually bad. It takes very little rounding on that dog to ruin it and it's a common problem. Also, if the prop and drive shaft aren't the right thickness, smooth, and have the right hardness, you're going to have leaks. I'd think it would be very expensive to get a lower unit right that's in as bad shape as you describe. The rust probably has the gears and bearings pitted also.
Not to be a spoiled sport, but between the 50:1 gas, boogered up lower unit, etc. --you probably mentioned a few of the worst things I can think of in a used motor. But don't be totally discouraged, they are just machines and can be fixed, and there's plenty of cheap powerheads and lower units out there. You should be able to find the stuff you need without getting to far into it on cash. I'm only being a little negative (o.k.-a lot) on it so you won't spend your dough trying to fix stuff the most expensive way. please don't reuse the water pump impeller, although if it looks and feels as good as you say, you might try it to make a few short runs in the test tank to see if your motor runs at least. You sure don't want to get it all fixed up and the impeller fail and blow your powerhead. As for the transom, prepare to replace the whole thing--not an area to be weak.
Please understand that I just want to give you a little info so you can fix it as cheap as possible---I have to squeeze as much fun out of a dollar as I can, too!

Good luck and try to post some more pics,
JBJ