Re: 30 year old Mercury 1500 Black Max Oil!!!
That engine should run 5500 rpm or so. If you lug it much, you'll hurt it.
I'm running an XR4 on an 18 foot tracker of the same vintage. I believe the skeeter is probably a step up in performance.
Speed depends on lots of things. I'm getting low 60's at 6000 rpm. The XR4 is a stout 2.4 on a 4 1/4 inch gearcase, so it's known to be pretty hot for it's rating. I'm turning a 24 inch high five prop. I go down to a 22 inch for any water skiing or family boatload foolishness. 23 inch sounds about right.
Old boats get wet wood in them. If you're going slow, that's the first thing I'd look for. (a wet transom)
Best way to determine speed is with a cheap handheld GPS. The water pitot speedometer is at best a guess.
On oil. Most of the early v6's had a VRO oiler on them. A lot of them are blocked off, as they have a reputation for failure. Actually, if the engine is run within specified rpm's and you pay attention to alarms, including start up test beeps, they're probably more reliable than the average old man mixing oil and gas. If the VRO is removed, or it never has had one, use Mercury Premium, or any other TCW-3 oil at 50:1. I use PennZoil full synthetic, and if I weren't pushing the crap out of it all the time, I'd probably burn the Wally World TCW-3 oil. I think Mercury oil is way overpriced for what it is.
hope it helps
John