Re: picked up an old evinrude 5.5 fisherman
http://forums.iboats.com/showthread.php?t=294072
If the coils are cracked, go ahead and replace the coils, condensers, points, possibly wires, get a carb kit, and water pump impeller and it'll likely run fine with about 65psi or higher on both cylinders. I think 85psi on both would be like new, 80psi is what I usually see on my 7.5's from the 50's and they run great. The worst part on those is sealing the lower unit good so it doesn't leak water. Not hard but greasy/nasty. You will have to pull the powerhead to change the impeller, which sounds like a PITA but not bad at all. Be careful you pay attn. to the arrangement of the carbon seal on the top of the driveshaft which will likely fall out when you pull the powerhead. You should order a new seal and o-ring when you order your carb. kit and if I were you, I'd try to get a newer plastic float for your carb. if it still has the cork one in it.
They're decent motors at best; I'll bet there are only a million or so of them still running after 50+ years of use.

I'd buy every one of them I saw for $20!

Later,
JBJ