Re: getting a old clasic back in the water
Hopefully you are using the harmonic balancer type of puller with the 1/4-20 , grade 8 or better bolts into the flywheel. Remove the flywheel nut, crank the puller tight, apply some penetrant and let it sit. Tighten it up again, then tap upwards on the lower edge of the flywheel using a piece of wood and a hammer. Be patient, but it will pop off. The flywheel gets torqued down to 100-105 ft-lbs or the flywheel key may shear.
Those manual shift motors are pretty well bulletproof and can be made into good reliable runners for about 150-200 bucks provided the compression is good and it shifts. If I was bringing it back to life to run on my boat, and I had no idea of the motor's history:
Replace coils, plug wires, boots, plugs, points and condensers.
Rebuild the carb. Replace all fuel lines. Try to get rid of the cork float.
Replace the water pump impeller
Drain and refill the gearcase oil and put new drain plug gaskets in. Re-seal the gearcase if it leaks.
Rewire the motor. I have no use for the generator (if it has one) and just use a deep-cycle/combo and keep it charged up. It is really simple (for me at least) to take out the old wiring and put the required new stuff on to run the starter, electric choke, and kill wires.
This may sound like a lot of work, but it can be done in one weekend if nothing disastrous happens.