An update for all those who replied and gave me incredibly valuable information and guidance regarding my 1976 Johnson 70HP motor issues (Thank You All

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* This issue was caused purely by human error (that is on me, live and learn) combined with component failure.
* The motor was replaced with a 1976 70HP Evinrude exact match motor with low hours, pristine "like new" condition, all original parts, and phenomenal compression near 120psi on all 3 cyls. The best part of this is that it was purchased in non-running condition for $100 but I did have to drive 4 hours to get it.
* Because I had already equipped the old motor with all new components and could not verify the health of those components on the new motor: Rebuilt Carbs, Fuel Pump, Water Pump, Coils, Spark Plugs, etc., I transplanted all the new parts to the replacement motor. It lit and purred like a kitten on the very first crank, runs like a new motor, and required absolutely no link\sync adjustment. Very happy with that!
* The old motor was damaged by a serious overheat. The Exhaust Manifold plates warped and allowed water intrusion into all three cylinders.
* The overheat was caused by human error in the installation of the Water Pump. The water tube that connects the Water Pump to the Power Head was loose when the lower unit was raised and secured and the tube did not make it into the Water Pump outlet. My failure to verify that it was where it was supposed to be when the lower unit was raised and secured was the human error. But, my lower unit and Exhaust housing was well cooled

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* This error was exacerbated by an old, corroded Alarm Horn in the Control Unit that wouldn't sound. It was also replaced (PIA) with updated internal and external modern digital alarm Sirens that will wake the dead as well as a digital external Head Temp sensor with an alarm.
Even though most of the fishing season was missed, I did set back on the water and put some more fish in the freezer.
Again, thank you all for the help!