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I believe, but not 100% certain, that after 1995, boat manufatures discontinued using wood in transoms. So, please do web search to verify and help you decide on any future used boat purchasing decisions. Good luck!

I feel your pain! U are not real clear on motor size or environment. Is it a salt water boat? Scrap VERY OLD motor... With motor out, examine transom/stringers for rot. If rot found, expect lots of personal work or thousands $$$ more spent just getting hull safe, plus added motor expenses. Trust...

4 years is a long time. I hope you used a distributor tool to prime motor? Water might be from condensation. It doesn't take much to really look nasty and scary! Knocking or exhaust leak??

Leaving an outdrive in saltwater, regardless of the best paint and maintenance, is asking to spend more time and money. If you want to keep the boat, now is the time to clean, repair, etch, prime and paint. Next season, you will have a warm fuzzy feeling, while on the water. Good luck!

If insurance, let your Good Neighbor resolve it!

Is it leaking OD lube? Crack difficult to see in photo. Bravo 3??????? If not leaking lube, and difficult to find a reasonably priced OD, perhaps TIG? Used and good Alphas ae much easier to find than Bravos.

check wiring for corrosion and rat bites near switch. You need wiring for specific MC and motor.

Did you examine all terminals for corrosion? Boats love the crap!

Very clean piston top. Did you clean it or this is how it appeared? Perhaps factory defect or blemish? Has motor been rebuilt by someone else since 73? Is it a salt water used old block???? If so, I'd get another one! If fresh water used and you did not have negative symptoms, I'd do as Scott...

My guess is that the power pump (accelerator pump) is causing hesitation. I am familiar with quad-jets causing hesitation issues. 2 barrels may not have the same type pump, but I bet they do.

Perhaps you have plug wires on wrong plugs or wires are leaking fire? Been there!

Ouch! I assume you pulled and installed new motor? I saw shims on old OMC drives years ago but not on MC, yet. That's new to me. Pull drive and check for alignment, gimbal bearing roughness and then u-joints. Pray you didn't damage coupler or spine teeth. Crank motor w/o drive attached. You will...

Indeed! But, some people get lazy or stupid, not counting just plain old mistakes.

Run it w/o knock sensor connected and see if there are any changes. Was base timing set w/o sensor connected???? Do you go back with correct timing mark? Did you replace TC cover? I have seen TC covers with different tab locations.

Back in the day, since 4 jets have been out for decades, I remember seeing a fitting that had a rubber bushing and an expander bolt. Apparently, cross threading or wearing out of the threads was an issue. Mechanics would over tighten and strip threads. Anyway, a mechanic would insert and tighten...

Do what Bt recommends! Please understand that most Chevy V8s have block drain plugs on each side as well as exhaust manifold drain plugs. You may open these but due to internal rust over time, they may be plugged (not good.) Unplug!@ If you live in an area that has seasons and want to rest at...

Manually turn starter (and hard to do) and examine flywheel teeth. But I suspect bad Bendix.

With that age and corrosion, there is a good possibility of transom rot.

I had one freeze up (aluminum body) and nothing would come through it. Somehow saltwater got into tank? I suspect spray through tank vent, but I cannot be certain. I had extras so I replaced and problem went away. I don't know if there is an efficient way to clean them or just best to replace them.

Me too!!!!! I know they provide a great benefit but I have seen them corroded internally. A FP may not be able to overcome their resistance due to corrosion.