When I had mine, every trip out required new lower unit oil, Drained and replaced every time I got home, and checked before going out. I just figured the seals were bad, but she ran fine. I gave it to another youngster who needed a motor.
The 5hp is a 1955 and the 10HP is a 1956. I changed my oil mixture to 25-1 and its much better. Still smokes but not near as much thanks.
It looks like I have 2 regular screw head bolts on the lower unit one says "Grease" and the other says "Vent". Safe to assume I put the gear oil in the grease hole?
Lastly, I lost one of the water pump impeller lock pins. Has anyone ever made one out of say a small nail or wire hanger?
For the lock pin, it would be best to find a stainless nail or something like that. Regular steel will rust and possibly fail, or get rusted and stuck.