TOPIC: '64 Merc 350, newbie owner

Hello All,
I'm a new owner of a '64 Merc 350 that is likely the original motor for my '64 Penn Yan Mariner (15' lapstrake wooden boat, sorry fiberglass fans). I got the boat late int he fall late year and so didn't have an opportunity to run the motor or float the boat. This is my first motor boat.

The motor is in remarkably good condition and I was told by the prior owner that it ran well though he said it started well on the rope but not with the key. Further inquiry indicated he didn't think about recharging the battery! So that might be the reason. Also the grommet for the choke was sticky and probably the electric choke didn't work for him. I opened up the grommet with a dremel so hopefully that will be OK.

I fogged the cylinders, checked compression (both 120 psi), polished up the electrical contacts including the male and female between external harness, checked the float bowl (remarkably clean). I couldn't get the carb off to clean the jets because I couldn't loosen the nut behind the starter motor.

So here's some newbie questions:
1) I found a receipt for a water pump replacement in August '11. I have a feeling it hasn't seem much use since then. Should I replace or just run it and keep an eye on the telltale?
2) where is the telltale? I thought typically it's on the starboard side but I see no hole there. There is a rectangular hole a little below the lower cowl and centered on the drive shaft housing.
3) Should I rebuild the fuel pump?
4) What 2-stroke oil and mixture is recommended?
5) Advice on what gear oil for the bottom? Is it typically just a 90WT? Hypoid?

That's it for now but I'm sure I'll think of more. Thanks for the advice.
Paul
Danbury, CT

Call me I am in Yonkers NY. 1 914 310 7086.