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74 Mercury 2 cyl 40 HP no spark need some advice

empire519

New member
i've got what im told is a 74 Merc 2 cyl 40 hp engine.
the motor got swamped on me a few weeks ago so i got it out of the water and home.
i used it for two days before swamping and it ran like a champ!
once i got it home we got all the water out of it but it seemed like the spark came and went.
by time we got all the water out and everything dried i either had no spark or a very weak spark.
i took the cover off and found a few "green wires" so i began replacing them.. still nothing.
i cook the cover off the wires that run to the stator and they crumbled in my hands.. all four (2 yellow a black and red) were all rotten all the way into the stator.

a few questions. one.. i called for another one and the guy told me 440.00 plus tax .. is this normal for a stator?
also, would this be the reason why my engine seemed grounded.../ no or little spark. i dont want to spend that kind of money only to find out it was just one problem.. the guy who helped me out said he doesnt understand how it ever ran with how bad the wires were... but im guessing nothing was touching and once we took all the tape off everything crumbled.. and the water was just the icing on the cake.
last question .. we dont have any small engine people in my small town so the guy i had help me took off the flywheel and didnt mark anything and now im wondering if there is an easy way to make sure my timing isnt going to be off completely.

i wish i could find a used stator but good luck with an old engine like this but 500 w/tax seems very expensive and like i said.. id like some ideas on if people think this is the issue.

any help would be appreciated.
 
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