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The term ---" old "----For outboards can mean different things.-----I like some of the 6 HP motors from the 60's / 70's and some that run like new.

If the fuel pump diaphragm has a hole in it , you might see fuel on the water.---Fuel pump diaphragm is cheap.----Or even a fuel pump repair kit.

High speed jets are an orifice plug.-----Not adjustable.----Perhaps you can experiment with different jets to compensate for fuel.----And local atmospheric conditions.----If fuel consumption is a major concern ,this is not the motor for your friend.

I can not touch / hear your motor.----Perhaps flywheel is rubbing on the coils and making the chirping noise.

????-After the pump that hose does not pull air in.------The earlier V-4 models mounted the pump on the carburetor air box.----They needed a third nipple and hose to provide a PRESSURE pulse to the pump.-----These pumps are very reliable and very simple.

It uses the 2 nipple pump mounted directly over the PRESSURE pulse port.-------Is there a reason you would want to use a 3 nipple pump ?----

Gear on the armature broken ?-----Need the separate bendix parts too?----Your location ?

Reed valves are NOT a magic fix for some issues.----Do some trouble shooting !

Have you done a compression test ?

The old 50 was bad to say the least.-----The 1967 model 60 at least had a crude recirculation set-up.

I visit 1 yard with many scrap/ not worth fixing boats.------But I know there are many folks who think.---" it is fiberglass , nothing can be wrong "-----Little do they know of the junk wood in them.----Or shoddy work under the floor !

Time to relook and see if you have anything broken or missing !!

What you are seeing is all normal for that 2 stroke motor.----The hole is put in to drain the casting cavity.----The leaking oil is the oil you mix with the gasoline !!

Are you sure there is a woodruff key used on these ??---Pictures of what you are describing ??

312090----Is the lever on your motor.----Need to learn what it does / how to use it.

A 1977 model.-----Has decals that look like a hockey stick ?

Why not 10-24NC thread ?

No issues.----simple job for me.

Used a heli-coil on one this summer.-----First time in many years that a motor arrived with that 10-24 thread stripped.

Clean the carburetors-----Find / clean the high speed jets screwed into the bottom of the float bowl.----Do not run this motor , as plugged carburetors can result in major damage to the motor.