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1960 evinrude 5.5 barely runs

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I need some help with a 1960 Evinrude 5.5 hp Fisherman outboard motor. I don't know it's history but it looks good. It is hard to start and will only start if the throttle is wide open and then it runs a little above idle speed. The rpms eventually get up to about 3/4 of what it should be. It will die if the throttle is over half closed. Adjusting the mixture screws doesn't seem to do anything. I've cleaned out the carburetor, and the filter but it didn't make any difference. The air intakes are clear. squeezing the fuel priming bulb makes no difference. The low screw is set to 1.5 turns out and the high screw is at 3/4 turns out per the manual. The original spark plugs looked good so they are still in. after running it the plugs look oily. There is a lot of oil in the water tank afterward. I feel like it is running rich. Any ideas on what to look at next?
 
Check compression.---Post the actual values here.----Original head gasket is a poor product.----Replacements are improved.----Does spark jump a gap of 5/16" on both leads ?---Look through inspection plate in flywheel.----Are coils cracked or new replacements?-----Slip clutch in lower unit could also be binding up.
 
Compression is 71 psi upper and 74 psi lower. Seems pretty low to me.
Upper spark plug wire has a good strong spark. The lower wire will fire a small gap but not a big one.

I think I need to determine the cause of the low compression and see if this motor is worth fixing before I worry about the ignition system. Is the compression as bad as I think?
 
In my opinion a 65 year old motor needs a complete teardown and inspection.----New parts / parts motors and used parts are easy to find.
 
Very smart thinking. I honestly don't know what acceptable compression is on the engine. Even is good, since usually anything catastrophic is focused on one cylinder and not both. Head gaskets in those days were without metal sealing rings between them so they are suspect.
 
Find----aomci------Find a local swap meet.----Picked up 2 nice 1958 models at a meet a few weeks ago.----Were $25 each.-----One even had the newer crankshaft / needle bearing rods installed.----Found 3 new coils on the 2 motors.----Parts are plentiful in some areas.
 
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