Looks just like a Suzuki Evinrude I worked on a year ago. I confirmed thaqt the LU drain plugs were not the typical 8 mm of the Tohatsu, but rather 10 mm Suzuki size.
After nearly 20 years, I would reseal the whole LU with a new kit. The prop shaft seal may be weeping. There is only the one o-ring that seals the prop shaft housing to the LU, so if that's new and everything is clean, that's not it.
The bolts that attach the "hook plate" to the "handle" of the motor are stock metric items. Available from better hardware stores, or at Tohatsu PN
9101036830M
BOLT
for less than 2 bucks. You may also want new nuts.
Yes, it should be open. Your needle/seat is not seating properly. Clean the carb. Properly. You are flooding. OR, you can install the carb for an MFS6A and get 50% more power, then fix the old carb at your leisure.
Right. That info is in the copyrighted service manual. The timing indicator is where the two castings come together. Yes, you need to check at WOT and have the carb fully opened. Adjust so that the timing shows 25 at that split.
