Re: Wards/cliton 5HP
If reeds are bad you should be able to feel it puff out the carb.With the plug removed you should still feel a slight crankcase compression if the reeds are good, as you pull it over without the plug it will puff out the carb if the reeds are bad.If you haven't rebuilt the carb it will need it and gas may come out of the carb simply because the float/float valve are not working right.
If it does proves to be the reeds I would retire the motor and part it out.
Your much beter off putting your money toward a motor like the Evinrude/Johnson 5,5.5,6 motors from the early 50s to the 70s.