My own experience with the 5.5 has been nothing but great fun and satisfaction. picked my up for less than $100 via friend who picked it up for me.
coils were shot which is a great feeling because you know the engine wasn't used that much. you will find everything to know in the book "Cheap outboards" ...
As always , if it was run the old quart of SAE30 to 5 gal. it is probably safe to say the innards are fine to start new career.
my faithful 5.5 ran along side my 2005 ETEC 75...two brothers "50 years" apart and what a great pair they made protecting me from any failures of the complex electronics of modern engines.
Purist will tell you to run the dual hose tank. I did the behind the carb mod buy plugging one air channel and removing the check valve. I used the air pressure nipple as a pulse source . This is necessary on the 5.5 since it has no bypass covers. The "Cheap outboard" book will guide you as well a great UTUBE film on modifying this engine.
take the time to engine the revival by doing the usuals.... impeller, points, condenser, and...gearcase rebuild which is not hard to do if you just go for the prop shaft seals and spaghetti seal , run the engine and recheck the oil occasionnally for water infiltration.
you need to pull the head to do the impeller... not a big deal either but do get base gaskets and carbon seal for the drive draft ... the book and utube says it all
if you choose not to open the cyl head to inspect water passages and remove any carbon buid-up do run a good decarb , check for overheating . I ran mine with a few tanks and XD-100 (no smoke, no smell, and cleans the engine). purrs like a kitten all day trolling but a bit thirsty compared to my 75 ETEC which burn about 2.5 cups (0.6L/hour) at 650rpm
the 5.5 sat nicely on my transom next to the 75 . the V shape rear end allowed the 18inch short shaft 5.5 to run perfectly with the cavitation plate below the water
my hobby got me to migrate to another excellent vintage... the 7.5 (bigger brother of the 5.5.) and now a pristine looking 9.5 I picked for $50
have fun rejunivating your 5.5
http://www.youtube.com/watch?v=SVOedhzPP7M
http://www.youtube.com/watch?v=tA0u62hciwY
http://boatinfo.no/lib/johnson/manua...ohnson.html#/0
http://www.youtube.com/watch?v=EY2HrEdp5vg