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Your 30 year old boat has plastic fittings and plumbing that lasts a max of 15 years.
Plan on going through every bit of livewell plumbing and plan on new thru-hull fittings, hoses, etc
that is a bearing nut. and yes, the manual improperly calls it a nyloc
there is a very specific sequence in the manual. Not a torque for the top of the vertical shaft.
however torque is 118 lb-ft for the pinion nut
and you set a dimension and a pre-load with the bearing nut.
then the switch on the dash should be feeding the brown wire. the black wire should go to the gound buss. the two wires from the float switch should go to the brown wire and the battery somewhere.
the float switch is simply connecting the brown wire to the battery. unless the float switch is bad.
first, welcome aboard.
your jon boat should have oars. that or an electric trolling motor will be your backup.
your 55 year old outboard is probably more reliable with minimal maintenance than most of todays outboards.