1968 Evinrude 5hp angler

[Toxophilite]

Hello all, I'm new here
Having primarily used Seagull engines up to now
I have this older 5hp angler
It has sat indoors for a couple of years
I hooked a hose and tank up to it and got it run after a bit
I'm curious as to what I should check out before running for a longer period
Alsoit seems to be seeping some blackish oil down the back of the leg from the base of the head.
Seagulls will do this and it's basically unburnt fuel.

I've done no maintenance on this motor yet
What would be some immediate things I should attend to?

 

[racerone]

Replace waterpump impeller.---------Pull the flywheel off and inspect ignition.---The coils will either be both new or both original and cracked.