Re: year needed please..
the coils that old are known to be cracked. if it hasn't been run in a long time the points are probably corroded, can be filed and reset. total tear down no. you can do a compression and spark test, without starting. are you sure it's a '54. my manual only goes back to '55. point gap 0.020, plig j4j but believe to be j4c now, fuel 24:1. it does use the 2 line pressure tank. imho, don't change it. i don't usually recomment Clymer manuals but #00s-1 has been adequate for me on mine. like i said laingsoutboards.com has most everything you will need, without a complete rebuild. if you don't know the last time the impeller was changed do it. a lot of this you can do in the garage or basement. went out on the waverunner today. just a little chilly.