Re: 1955 7.5 hp whats next?
I don't know what to say about the heads.... For a while I didn't even consider changing the head gasket because you risk breaking a head bolt on a motor that old. But, I had a couple lately that needed the water jackets cleaned. Here in Louisiana in the summer time, you better have that water flowing PERFECTLY if you're motor is going to stay cool with the lake water at an 80 degree temp. Myself, I would get it running first and see how well it cooled before changing the head gasket. If the head gasket is leaking you will be able to tell most likely by looking at the plugs. You will see a little milk on them if there's water getting in there, or the plugs will be steam cleaned. If you do decide to change the head gasket and break a bolt, don't get worried but post back and someone will give you a good procedure on how to get it out without ruining your motor.
One last thing, don't be fooled if you see spark but it doesn't run right wide open. that spark needs to jump a 1/4 inch gap at least or you can bet it's going to run like crap. Here's a pic of my son running mine; thought you might like to see what you have to look forward to.

About 14 or 15 mph is what I get with mine.
Good luck,
JBJ