Re: gas oil mix
Back when that little outboard was made, there was no outboard oil to mix with the gas. The specification was for S.A.E. 30 motor oil...the same stuff folks put in their cars.
Today, we have oil designed for watercooled outboard motors. You can find it at any Walgreens or most auto parts stores. It will be marked TCW3.
For your older 3hp motor, the correct ratio of gas to oil is 24:1. That's roughly just over 5 oz. per gallon. Just use 6 oz. One quart per 6 gal. of gasoline. Use regular, 87-octane gas.
The oil, mixed with gasoline is what lubricates the engine. Don't skimp on it.
Good luck with your little eggbeater.