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1966 40 hp Electromatic Seahorse - Question about rusted out Heat Exchanger

I also replaced the shift cable when I installed the new water pump. The voltage to the gearcase showed 12 volts when in either gear and zero volts when in neutral. I don't think it I would have a problem with the battery being discharged when in neutral. I put a second battery on board just in case (mostly for trolling motor). I haven't checked the output on the charging system but from what I have read it requires the motor to be at ~1800 rpm before the amp meter registers a charge. I haven't looked at the amp meter yet or checked the voltage output but I will let you know if it is working once I have a chance to check it.
 
The motor is a 1966 model , why would it need a new flywheel today ?----The flywheel only needs one set of magnets !---Magnets have nothing to do with the compression in the cylinder !
 
Racerone, thank you for input. You might just have saved me $150.00, the price of purchasing a new Flywheel. Anway, I was assuming the Flywheel had two sets of magnets (opposing sides) and that if one side was missing then maybe one cylinder was generating a weak or intermitent spark causing piston wash resulting in piston or cylinder wear lowering compression over time. I am learning about these old motors as I go and appreciate any help from the experts that I can get.
 
Kimcrwbr1...I do not have the ring to test this tolerance but I will use a straight-edge to verify the coils position before I do any disassembly. Thanks again.
 
Thank you very much for your experience. I really appreciate everything. I checked the resistance on the coils and got 3.3 ohms on the black coil and 4.0 ohms on the green coil. I looked on YouTube and saw a video showing that the coils should read 4.0 - 6.0 ohms. Is this true? If so I will replace both coils.

Sort of true. Those should be K-ohms, not ohms. A K-ohm is 1000 ohms. The actual numbers vary according to mfr.
 
fdrgater, thanks for clarifying. I would like some advise on how to improve the spark on my lower cylinder. I have just replace the coils, condensers, points etc. Also what is the purpose of the wick? Does this system require two? It only had one after disassembling. How do I assure the coil air gap is right? Can the coils be moved in too far in towards the crank?

Kimbrwcr1, I did as you suggested and replace everything including the two rings that hold the armature plate but after cleaning everything and reinstalling the ring the plate actually became more loose. The ring is keyed why? The motor started fine but the spark is still very weak on the bottom cylinder and I'm afraid this will drop the cylinder at full throttle. Am I obsessing or is this a real concern?
 
The wick is to lubricate the cam to reduce wear on the point fiber block.---------There is one required , mounted on a special boss for the coil.-The other coil does not have this boss.---Coils can be mounted too far away from the magnets--Coils must be properly adjusted for peak spark.-Points can also be adjusted with timing marks.-----Timing the points relative to the magnets get you maximum spark.------You can research this subject and learn how to do a " pro job " at home.
 
Forgot to use the straight edge but did replace the wires. I used 2-4-C with TPEP on the plate and rings. I adjusted the points by turning the crank opening the points and adjusting the screw while setting the points with a feeler gage 0.020". I did not use rubbing alcohol on the points or feeler. I will remove the flywheel and re-adjust the coils and clean the points. Thanks
 
Please note.------A timing light can be used to verify that the points are opening at the correct time relative to the rotation of the magnets on the flywheel.-------That is why it is called a " MAGNETO " on these motors.-------The timing of the carburetor to throttle opening is a different adjustment.----Start the motor and point a timing light at the 2 vertical marks on the magneto plate.---Mark on the flywheel should be in between the 2 vertical marks at all throttle positions.---Check both cylinders.
 
Since the early 1950's there have been timing marks on the flywheels of all the 2 cylinder OMC motors !!!!!!----These timing marks are not the same as " granpa's 283 chevy " but they are there on the flywheel of this 40 HP outboard motor !
 
The timing marks are there. Actually intended for using a timing fixture to set the points, but marks on the flywheel can be used to check a running motor.
 

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Next time you have one running just point your timing light at the 2 vertical marks on the magplate.--You will then see the flywheel timing mark , one mark for the top and one mark for the bottom.----I have done this sort of work since about 1968 and all the 2 cylinder OMC motors since the early 1950's have these timing marks !!!!!!!!!!----There are some variations of the actual timing marks depending on the model.----Some are as the above post and some just a notch under the flywheel.--------More that a 100% sure of this.
 
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Using the timing marks to adjust the points / timing eliminates human error.----Feeler gauges " feel different " for everybody.--An ohmeter register infinity at the exact point that the points open.
 
Thank you both for the help. Your both a wealth of information and much appreciated. I have learned a lot from you.

i finally have spark to both cylinders and she seems to be running nicely in the driveway. I will verify the timing with a timing light and.the throttle position as suggested. I can't wait to get her out on the lake and test her out at WOT. Maybe next weekend.
 
Racerone: you were absolutely right about the pistons and rings. I decided to tear the engine down and found one piston had all three rings were stuck with scoring on the piston. This was the cause of poor idling and low power. Replaced the bad piston and rings after honing the cylinders and it idles very well now. Still need to break it in and see if power is restored. Anyway I had a good time repairing this engine. Just wish I could have found a machine shop that thought it was wurth their time to bore it out.
 
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