"That's kinda a grey area
"That's kinda a grey area with regards to the oil.
Some of the older models had a blended cooling system. The powerhead was air-cooled and the exhaust housing was water cooled. Guys run TCW-3 rated marine 2 cycle oil on those types without issue.
On the purely air-cooled I would tend to stick with regular 2 cycle oil, such as used with chainsaws/lawnmowers. The oil is a little heavier than the water cooled formula which will give the motor better protection since it's running hotter.
I believe the 3.5 horse, will be straight air-cooled...
I will have a dig around though - I may have a pdf copy of the original owners manual for your model which I can drop to you via email (if I have it)..."