Re: Cut out. now???
No, if the key is sheared, it will not have spark because the flywheel magnets won't be in sync with the breaker points.
I know it is not the vacuum cut-out switch because it just doesn't work that way. After 24 years experience as a full-time outboard mechanic, I pretty much know how those things work. In the first place, they only cut out one cylinder, not both. Besides that, they are extremely reliable, very rarely giving any trouble. But I suppose after 30-some years the diaphragm could be rock hard and not work at all. If it were rock-hard, it would be flexed in the "open" position, not the closed or cut-out position. Again, if that were the case, it would not affect the other cylinder.