Re: Sick 1973 55hp Chrysler
That's a sweet little engine. I think you will find that if it is running properly, it will beat any brand 50-55 of its age. Not bad for old-school technology. I probably have at least a couple of thousand hours on my 1967 55.
What you have is magneto ignition, electric start, without an alternator. Thus: after a day of use for something like water skiing where you stop and start the engine multiple times, you must re-charge the battery. It is not a simple fix to retrofit to an alternator so you are best off leaving it as it is. BUT--the battery is only used for starting, so while running, it will not discharge.---I took the same engine of an earlier year on an on-water trip to Canada from New York. Four days up, four days back. No battery problems, although I did bring a trickle charger and charged it once overnight. And even if the battery is dead, that engine is easy to rope start. Just turn on the key, prime the carb, wrap the rope about three times around the flywheel collar, and yank.
Rather than buying an expensive new magneto coil, Just remove the tape, coat the wire with black silicone RTV and then re-tape. It will work just fine as long as the wire is not broken. OR--Remove the boot, slip on a couple of layers of heat shrink tubing and replace the plug boot. (that's not as easy as it sounds.)
If you absolutely must spend your money, I have a couple of used coils for 100 bucks each LOL--just kidding I need them for my 55. But seriously, go over to The Chrysler Crew and see if you can't buy a used one in the classified section. Any one off a 35 (of this series, not the 35 of the 20,25,35 series engines), 45, 55 will do. They were all the same block and ignition system. Should be quite a bit cheaper than Merc.
Oh, yeah! Forgot to mention: Points are set to .020 and I think plugs are gapped at .035