Re: 1964 5.5HP Evinrude - Lack of Power
VERY common issue. I'd bet that if you pulled one spark plug wire and tried to restart it would either not start at all because it was only running on that cylinder, or it would start and run as before because it was NOT running on the other cylinder. Running on one cylinder is common with the older motors if the coils are cracked - which they always are if they have not been replaced in the last 30 years or so.
Pop the recoil off and remove the small cover on top of the flywheel for a looksee. If the coils are cracked, get a flywheel puller and replace them. New coils, points and condensers should still leave you some change from a 50-spot and should last another generation.
Also, did you replace the waterpump impeller? If no, do it now. Even if it appears to be pumping water fine. Cheap insurance...
All the consumable parts for your motor are available right here on i-boats (Sierra), as well as your local Johnson/Evinrude dealer (for OEM parts), or NAPA, West Marine, etc. through Sierra.
Good luck!
- Scott