The primer bulb is nothing but a manual fuel pump.-----Used to fill the carburetor.------When carburetor is full the bulb does nothing.-----If motor operation improves when squeezing the bulb , the fuel pump on the motor is faulty.
About the only thing that can go wrong with these simple pumps is the diaphragm.-----I have time to repair these.-----I will never buy a new one of these pumps.
Have you checked the water pump impeller ?----Checked fuel pump diaphragm?---=-A 5o year old pump might benefit from a new diaphragm.-----Yes , just the new diaphragm is available all day long.
Looper design was NEW in outboards for Johnson / Evinrude in 1968.----But the concept was used in their air cooled Lawnboy powermowers in the 1950's.-----Casting / manufacturing technology improvements allowed it to happen in multi cylinder water cooled outboards in the late 1960's
These VRO units are quite simple.---And there is not much that can go wrong with the oil side.-----Take it apart to see what is wrong.----Repair as needed.
Find sensor ( tan wire ) on the cylinder head.----Slide the rubber sleeve to expose wire clips.-----Turn key to ON.-----Touch metal of tan wire to a head bolt.----Horn should sound.
The thingy ( rectifier ) with the 2 yellow and a red wire has to do with charging the battery.------So charge the battery.-----Take the starter apart for inspection and ohm check on armature.-----Have battery load tested.-----If starter turns flywheel too slow there will be no spark !----You...
Simple job of removing the powerhead.----Remove horseshoe cowling , 4 screws.-----Remove 6 nuts ( 7/16" wrench) and a few hoses.----Powerhead lifts off.----Will need the gasket and improved cup washer.
Perhaps the vent on the VRO tank is plugged.-----That would feed extra oil into the system on a hot day.----Up to the owner to check the simple things.