Re: 62 Johnson 5.5 tuneup / repair advice
WOW. Sounds like you are really going to throw a lot of parts, money and time at a 50 year old motor that probably only has one problem that you have just not isolated.
If it were me and I had the time, I would run it again. When it starts to die, see if squeezing the primer bulb can revive it. If it does, then it is most likely a fuel pumping problem, isolated now to your fuel pump, fuel hose, all the connections, tank vent and carb inlet valve. I would then open my gas cap to determine if it was a tank venting problem. If I had another fuel hose I would try that to eliminate that possibility and then I would determine if my fuel pump was working. To do that simply disconnect the fuel line going to the carb and pull on the starter rope. You can disconnect the spark plugs if you don't want it to start up. In any event, you should see fuel pumping out that hose. If not and you have eliminated tank venting, fuel tank hose and most connections look good, then you have a faulty fuel pump. Lastly, if squeezing the primer bulb helps revive it and fuel pumps out that disconnected fuel hose, then it almost has to be a sticky fuel inlet valve on your carb.
If pumping the primer bulb does not revive it and using the choke helps, it is probably a dirty slow speed jet on the carb or your carb needles are set too lean. That would be best dealt with by first determining that turning the needles counter-clockwise (enriching the mixture) does not help. If the carb needle changes show no change in performance then I would obtain a new carb rebuild kit and clean it well with carb cleaner or laquer thinner, blow with compressed air every oriface, and reassemble it. If I rebuilt the carb, I would probably replace the fuel hoses inside the motor as well. The alcohol resistant ones are the best and clear helps also, and they are cheap.