Re: What is this part on my 1957 35hp
That is a kill switch, designed to kill the spark on one of your cyclinders, to prevent a runaway condition. Typically, they're wired to number 1 point set.
A runaway condition usually occures if the engine is over reved without any load. This usually will happen if your shear pin on your prop should suddenly give away or you happen to give it too much throttle while in a docked position. Typically, the Armeture Plate will have safety stops, set for each gear to allow the engine to be reved only so high. Each step is cut a certain dept to allow the engine to go up to a certain rpms, in each gear. As you'll see on forward gear, the stopping plate, will allow the throttle to go into the full open position.
Unfortunately, those don't work all the time and occasionally over reving is possible, while sitting in neutral position. So, the bigger motors, typically 25 hp and bigger will have those. I don't recall seeing them on the 18's, but it doesn't mean they won't be present there.
Sometimes though, if you experience loss of spark on one cylinder, it's best to unhook the wire from it, before you tear down your ignition system and replace stuff. You just never know where anything electrical can fail.
It is good to see to it that this kill switch is in good working order though. The thought of shearing a flywheel off and sending off into your lap can spoil your day. JohnyRudes have heavy flywheels and they runaway easily.
As far as WOT issues, check your throttle linkage and make sure it is opening the carb up all the way. Poor adjustment is a common problem.
Leon