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When prop is off ,the motor behaves like it is in NEUTRAL even if it is in gear.----Sounds like motor is running on one cylinder,----Or blown head gasket.----Or shock absorber below water pump is binding.---All easy to check out in my opinion.
Inspect all wiring on this motor.----And test run with another tank and hose.------Test run with the timing light.-----In my opinion it should be easy to find the issue !!
Most outboards drain themselves.----If in normal running position .----If the passageways are not plugged by silt / seaweed.-----Make sure drain holes on gearcase are clear too.
Compression test values should be posted.-----Model # should be posted.-----There are 2 different 115 HP models in 1996 year.----But I think this is the 60 degree looper.
You have discovered the basic principle pf refrigeration.----When a liquid vaporizes it needs heat.-----It gets the heat from the metal around it.-----Parts will get cold.-----This is why aircraft have a " carburetor heat " system to prevent icing.
Parts should not be hard to get !-----Most motors rev right up in neutral.---It will rev on one cylinder !----A V-4 will rev right up on 2 of 4 cylinders !------That proves nothing at all.
Sorry----You say it is in amazing shape ?----So are you judging this motor by a paint job or the way it performs ?----A service manual for 1980 to 1988 is all you need.----Checked the flywheel key ??----Do not run this motor until you find the issue.---A plugged carburetor could result in...
Your model number makes no sense at all.-----A 1961 model SPORTWIN would be a 10022 or 10023.----Post pictures of this motor to pinpoint what you have here !!----A 40777 could be for a 40 HP motor 1967 model.
Something is wrong.-----Some trouble shooting has to be done.--What fuel pump is on this motor, VRO or something else ?--Motor needs 4 things to run.----Correct amount of fuel.----Crankcase compression,----Spark at the right time.-----Compression in cylinders.-----So the work / initiative is up...
The electric primer is a valve.------It puts fuel directly into the back of carburetor throat.----This fuel bypasses the carburetor metering circuits.-----This suggests that carburetors need attention !