???----It can only be a 71 or 72 model !!!-----Post a picture if paint is original on the engine block.-----I can identify the year in 2 seconds by paint color.
I started using those timing fixtures over 50 years ago as a teenager !!----It is simple.----Today I find it just as easy to use the actual flywheel to set the points accurately !-----And you can use a timing light pointed at those 2 vertical lines to check your work.
A 50 hydro-electric can only be a 71 or 72 model !-----I would ignore the info in post #4.----Applying 12 volts to a black / yellow wire might result in expensive smoke !
You can use a timing fixture.----Timing fixture is a dummy flywheel.-----In fact you set the flywheel in place with timing mark between the lines.----Lift flywheel off and set point to OPEN with a meter.----Repeat for other set of points.----Job is done.
You paint some blue and others white.----Then someone says ---" just paint them all black " and save money.----But a motor painted white is easier to work on.
Does the tell tale fitting come off the side of the engine block ( exhaust cover ) or off the top of the block ??----Service bulletin in 1994 said to move it to the top !
I agree with you , time to make an appointment at a shop.-----Note----A healthy tell tale does not mean motor is cooling properly.----The water from the tell tale has NOT gone through the motor.-----Your shop can explain !
Charge the battery.----Have battery load tested.-----Pull starter apart for inspection.------Hopefully you installed a new water pump impeller .-----Need a much better video of that leak !!!
Back in 1960 we lived in a rental farmhouse at $75 / month.----Today folks pay $1500 / month or more.----So oil at those prices is just the way of the world today !