Re: 72 model mercury 500 50hp
I was an OMC guy at the time, but here is a SWAG.
The 50 hp was based upon the original 4 cylinder Merc design which had 2 carbs right at the front of the engine with the conventional bowl, side linkages, and all. I think they were Tillotson brand. If you had the cowl off, the only reason you wouldn't see them would be if there was an "air box" covering them. I know Merc used airboxes later on (and still do), but don't know when that engine got it's. The box is a black plastic hootus covering the carbs which can easily be removed.
The industry was running 50:1 fuel-oil ratios then which was 1 pint of oil to a 6 gallon tank of gas.
The engine had a fuel pump so all you needed was a single fuel line with a squeeze bulb which allowed you to prime the carburetors prior to starting......you squeezed the bulb several times till it felt good and firm.
I don't understand the part about engine position, but installing carb kits probably would not be a bad idea and a good cleanup of the carb (varnish removal) would surely be in order.
Mark