Re: Oil for 1958 Mark 78E
I ran the living Tar out of my old M700 Dockbuster back in the Eighties, on 50:1 TCW-2 (or whatever the latest grade was at the time), water skiing flat out with deep-water slalom starts and the motor never missed a beat.
BTW if you're using 24:1 in a fixed-main-jet motor, you're actually running a leaner fuel-air ratio than on 50:1 mix, so how does running twice as much oil help fight lean mixture?
Running 50:1 with higher-quality oil would certainly provide at least as good (if not much better) lubrication than the richer-mix old oil, with the added benefit of a slightly richer fuel-air ratio.
I can see maybe 40:1 just because she's a bit long on years, but the innards of the 70 HP are identical to the ever-popular 50 HP 4-cylinder and there's millions of them running just fine on 50:1 mix.
I defy anyone to tell me the difference between the "fully jeweled" larger Merc motors that were running with rich-mix, Pre-Quicksilver oil, and those same "fully jeweled" larger Merc motors which were recommended to be run on 50:1 Quicksilver mix when it was introduced (around '62 wasn't it, if I recall?).
Skippy, a 'gentle' treatment of Seafoam, i.e. adding 1 oz per gallon of gas, isn't going to hurt anything. If your compression readings and leakdown test come out OK, and you want to go "low-impact", a gradual introduction of Seafoam won't have any deleterious effects. But it will help clean out any accumulations of carbon on the piston land/rings.
One thing to avoid if at all possible is gasohol, not good on old hoses/seals/carb parts/etc.
She'll run nice and clean on TCW-3 and regular unleaded.
BTW I set up my ol' 700 with a dwell plate and it always idled and started up great. Not bad for a $25 motor back in 1983! You don't find too many like that anymore!
Enjoy...........ed