there is a very black goo coming from the exaust of my 1976 115 hp johnson it runs and starts perfectly. i think that it maybe carbon biuld up do to too much oil in the gas?
That is normal ,particularly for an engine that is near 30 years old.Might want to perform a decarb on your engine.Next time the lower unit is dropped for waterpump service replace the inner exhaust gaskets as well.Insure your engine is propped to turn in the upper limits of its wide open throttle operating range.At least 5500 with an average load aboard.
There's a rubber seal where the lower unit mates with the midsection. If it leaks or has just gotten old over the years, exhaust will leak into the lower unit cavities and make a mess on the garage floor. PN is 314937. Cost about $12.