That could be the lever to open the " enrichment valve " ---A unit that has replaced choke flappers.----This suggests that the carburetors need attention.
Make sure you install a new water pump impeller.----And lots of motors with the same ignition system parts left the factory.----Many of them do not use electric start.----So , yes it will start cold with a rope !
Try and start this motor using the correct procedure.-------If it does not start there is something wrong with the motor.-----Do the trouble shooting !-----You do not need to put in new plugs every week on a modern outboard.
Those PRESSURE driven pumps are simple and reliable.----Might need just a diaphragm.----But as stated , use the manual fuel pump and report what happens when you use it.