Let's start with a confirmation that it indeed is a 1957. Model number 50T3338 (Gale model 12D15)? Do you have any more-specific questions you want answers to?
True that is closely related to the Evinrude / Johnson 15hp, but with some important differences. Powerhead has major internal differences. Smaller bore. Silver plated aluminum connecting rods instead of roller bearings.
If there is a one thing that most often destroys the motor, it would be the lower crankshaft seal, part number 303804. They fail, and admit water to the crankcase, which destroys those silver plated rods. Yes, the E/J 15 has the same seal, but the damage to the rods is less dramatic. Nevertheless, still fatal.
BTW, there is a superseded part number for the 303804, 0321467. I have no long-term reliability experience with it.