I recently got a Ted Williams 7.5 HP motor. According to Discount Marine web site Model Number 574.60607 makes it a 1966 McCullogh motor. Motor has not been run in a long time but does turn over.
<1. What fuel/oil mixture should I run in this motor ? Should I run it alittle heavy on oil for the first tank or so?>
A little extra oil will NOT hurt a thing despite advice to the contrary.

It is too little oil that destroys 2 cycle engines!
My Seloc manual sez that on '61 and prior motors the fuel oil mix is 6 oz. per gal. That's @ 24/1 off the top of my head.
On '62 & later motors the mix is 3.2 oz. per gallon or 40/1 according to the chart on my shop wall.
Since there were few if any internal bearing changes between '61 and later models the richer oil mix will not only NOT hurt anything but represents the advice of the original design engineers. I ALWAYS listen to the engineers in lieu of the sales dept.!
<I am try to find a maitnenace and owners manual on Ebay but until I do this forum is my best hope for information.>
I have both the McCulloch and Wizard versions of the factory manuals and actually prefer the generic Seloc manual in most instances.
<I will probably have additional questions once I get to the point of actually starting the motor.>
Both my '61 & '64 Lo-boys have the baler feature and I assume yours will too. If you're not familiar with the feature in a nutshell it has TWO waterpumps! One for cooling the powerhead and the other for the baler. Most people use the best of the two impellers on the motor and don't worry about the baler. But I seem to recall that something must be plugged up to do so. You might want to inquire of the Ask-a-Member board at the AOMCI website for specifics. And hope that Danny O'Shea answers because he seems to be the Lo-boy Guru.
IIRC Discount Marine (906-466-2180) is the one that bought out all of the remaining McCulloch parts stock.
If you need new impellers then Brian Wilcox (810-794 - 7685) will make new ones for a quite reasonable charge but you must provide him with your old ones so he can cast the new pump onto the brass liner in your existing impeller.
The Lo-boys have a deserved reputation for being difficult to work on because they packed so much 'stuff' into such a tiny package. For anything beyond magneto service the powerhead has to be removed---including replacing the impeller or servicing the carb. But it's actually quite straightforward and rather easy after a little experience. The reward when you get everything right is a very easy starting and sweet running little fishing motor. As noted above I have 2 of the 7 1/2 Lo-boys and one of the 9 horse electric starts as well. The latter is the REAL PIA to work on!
HTH, Tom @ Buzzard Bluff