Re: 1972 johnson 65 hp ob 50th edition
My advice at the very least is to replace the rubber impeller in the water pump with a new impeller. They are cheap to replace, designed to be replaceable, and serious problems will result if it fails due to lack of replacement. Do I sound a bit biased? I would hate to see your old classic wrecked due to the broken rubber impeller vanes clogging the water passages and ruining an otherwise good motor. Look into it for sure!
If you motor had any residual fuel in it all those years ago when it was decommissioned, well there is also a good chance that there is some gummy junk in the carburetors. Not doing anything, then running your motor with a clogged carb or two can lead to disaster. If a passage in a single carb is blocked, not only is the cylinder that relies on it starved for fuel, it is also starved for lubricating oil. Carb synchronization with proper tool (after they are completely cleaned) will go a long way toward economy, emissions, power and longevity. All cylinders will be working equally. What?s the old expression? ?You can pay me now, or you can pay me later...? (with interest!)
Change the lower unit gear lube, remembering that you have the last of the hydro-electric drives and need to use the thinner, more appropriate lube.
If it all sounds like preventative maintenance, it really is. Preventative maintenance will go a long way with that motor, so my advice is to do it for sure.