Re: Scott- McCulloch 1960 Wizard
There are differing schools of thought on that. Personally, what I would do is first a general visual evaluation, which you seem to have already done. Is it complete, any obvious problems, etc. Then check the 3 main things any engine needs to run. 1. Does it have enough compression? 2. Does it have spark? 3. Does it have fuel? (in this case, is the tank clean)
Taking in order, if compression is bad, you have to decide whether or not it is worth proceeding. If ok, move on to number two. If no spark, you have to find out why not. Then again, decide whether or not it is fixable, and for how much.
Those two items taken care of, I'd put the proper gas mix in it and see if it will run. You may be surprised. Either it will or it won't, or it does, but poorly. NOW you can tell what else needs attention.
I am not in favor of simply tearing everything apart right off the bat. Plenty of time to replace the water pump and reseal the gearcase and rebuild the carburetor once the basic steps are taken care of.
Oh yeah, somewhere along the line you should have checked for lube in the lower unit.