That motor is older than the oldest parts catalog I have, which is a 1992 M5B catalog. It likely has points/condenser, which are NLA from Tohatsu; You
Johnny , didn't seem to be getting too hot there , one thing I did notice was a few dribbles of water coming from metal pipe going to water outlet in
I have just been given a nice looking old motor.cleaned it washed out the tank
Two or four pulls and away it ran.
No water from hole in
Have you checked for water in the tank? Drain the float bowl in a small dish and see if water comes out?
Are the spark plugs wet? If not put a little fuel mix directly in the spark plug holes and give it a whirl. If she fires up it is a fuel issue if not