I actually worked for a Chrysler/ Johnson dealership in the last century when I was a kid. As with Chrysler in the 1970's they were always in third place behind GM and Ford. In the outboard world it was OMC and Mercury. I always liked how their 3 and 4 cylinder engines ran. Started quickly...
I would make sure the engine runs before going on a lower unit hunt.. Reason being is that engine had a unique ignition system known as Phasemaker. It was Mercury's early attempt at capacitor discharge ignition while still using points that actually fired when the points were closed as opposed...
John,
Let that leaking stator drip, I've seen them last 35+ years. when the charging voltage or ignition starts to act up then replace it. Go with CDI Electronics for a replacement stator.
Did you pull up on the driveshaft while you installed the delrin and stainless rings to preload the impeller assembly? I have the slide hammer/puller to do it, but you can use the appropriate socket to drive that ring assembly down snug against the impeller while pulling up on the driveshaft...
Question, does your impeller use the stainless steel ring and delrin (plastic) spacer that is assembled above the impeller before you install the water pump housing?
I found this for a manual start version:
https://www.marineengine.com/newparts/part_details.php?pnum=OMC0581065
And item 72, which was a regulated rectifier
https://www.marineengine.com/newparts/part_details.php?pnum=SIE18-99413
All of the stators leaked like that across most of the HP 3 cylinder and V4 models in 1973-1976, very common. Other than the fact it made a mess, you can use them until they don't work. Later models had a different potting material and design where the charge coils and windings were concealed...
Then the .056' would be the preferred orifice... I'm 36ft above sea level here in Florida. No need to re-jet for me! But a good observation, I actually thought about the .056" application but TJ said it didn't have a jet in it so I went to sea level as my base.. TJ, where are you?
From what I was able to find across multiple years and carb designs, .056 was the leanest offered, the standard jet was .057, your serial number is greater the 470 XXXXX? Correct?