Sounds like it hasn't been running for a while (properly anyhow).
So before you wreck it, first thing is toss the ether as far away as you can. This is a two stroke and it needs oil or you will fry it - no oil in ether.
Having to pump the bulb to keep her going is "typically" indicative of a bad fuel pump.
The fuel pump is integral to the carb on this model (if you have the year correct) and if it is bad then it probably wouldn't hurt to rebuild the carb (or at least a full tear down and cleaning) as well.
Also, the water pump is probably in need of service - maybe just an impeller, but probably some seals as well.
And while you are at it, a new pair of spark plugs wouldn't hurt.
And finally, don't run it with anything besides mixed gas, 50:1 with TCW3 rated 2 stroke oil - anything else is asking for toasted pistons/cylinders.
These are great little motors and hard to kill, but it sounds like this one hasn't seen any "recent" service.
And the previous owner didn't sell this because the boat/motor were perfect - if they were it wouldn't have been for sale - consider that it was probably "neglected" for a lot of years before he/she finally got rid of it and treat it as such.
