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You are overthinking !----In my opinion it is elegantly simple using the flywheel.----Line up the marks.----Lift off the flywheel.----Set points to open with meter.----Repeat for the second cylinder.----Job is done !!----Accurate and simple.

It is a sintered material.-----A very good concept and that filter can be cleaned.----Use google to learn about sintered filters.

Water pump impeller replaced every 5 years ??-----Do a compression test and check spark.----Sounds like it is running on 1 cylinder.

???----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.

Quite common for drain plug to be on the bottom on aluminum boats.

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 !

Post compression values and check for spark.-----Might be running on 1 cylinder.

Best to do a complete evaluation before spending any beer tokens on this motor.

Just be aware that 12 volts from battery is not used to make spark at the plugs.

On the early models there a friction / detent block used on there.

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.

The enricher only lists at $215 or so.----It must be the problem.---A new enricher will fix this issue 9 put of 10 times.

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.

Remove cylinder head.----Lucky you if it is a blown head gasket !!

Those timing marks are NOT USELESS at all.----Just need to take a few minutes to learn how to do this elegantly simple work.

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 !

In my opinion it is taxes on top of taxes that is driving this inflation.

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 !!!