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Running way too hot.-----Due to preignition.----Lugging with too much pitch on prop.----Timing too far advanced.----Water pump ignored ETC , etc.----Yes lean on oil too.

Points are a cheaper system to own if you know how to maintain them , do the work yourself.----If you run to the $100 / HR shop for every little hiccup then electronic is the bestest way to go.

Take the VRO pump apart.---See what is wrong.----Repair as needed.----The VRO is driven by CRANKCASE pressure pulses.---So check that.,----A cylinder compression test may offer clues.

Looks like a late 80's or early 90's 30 hp to me .----That style / model of motor was not marketed as a 40 HP in those years !!

Did you install the motor yourself ?----Did you follow a procedure to set this motor up.---Like verify that lube system is ready to operate, no air in the lines ?

A 78 model would not be electric shift.----A 78 model boat might have a 77 model drive with electric shift.

I am not a dude !!----Good luck with this machine.----I can not offer any further advice without some beer tokens.

Jumping all over the carburetors for the 5th time might not fix it.-----As suggested you need to do some orderly trouble shooting !!!

I would say that if motor is only reaching 3000 RPM you have one cylinder not contributing POWER to reach 5000RPM.----This should be simple to diagnose.----Your motor needs 4 things to run.---Spark at the right time ( flywheel key )---Correct amount ( too much is no good ) of...

Most motors will rev up in neutral !!!!-----That testing means NOTHING at all.---They rev up running on 2 of 3 cylinders.-----My lawnmower runs great on the driveway.-----Stalls when I push it too fast in tall grass.------POWER is what a motor needs to rev properly under a load.----Seems to be a...

The nipple just has a small hole , nothing fancy.----Just make sure it is open.

It should rotate freely without binding.----No side to side movement.----Model # of your motor ?----Is it a 1952-----1969-------1979-----1998 ( 3 cylinder ) or what , all different motors.

I believe you have diagnosed the problem.-----I missed that information in post #1---Sorry.

Read post 7 very carefully.----I am not talking or mentioned the neutral start switch !

Well----See your friendly dealer.----Buy a jug of oil.----Then they will help you !!

Motors will run with lower compression.----They won't perform.-----A nascar racing team would never be a winner with a motor that has lower than new compression !!!

Parts for a 1990 model would do what you want.

Gregger----Do you have a 2 hp or 300 hp.----And is it black / white / or blue ?---Yes a good dealer can help you.----The 24 year old clerk at AMAZON can not !

???----it is a 69 to 72 model.----No doubts about that at all.

Use a new 11" pitch.----A new prop is cheaper than gears and bearings.