Problem found! The ground cable, which is about 8 feet long, had a nick in the insulation where it ran in the transom well from battery to motor. Over the years corrosion began to eat the copper wires in the cable and eventually got me to the point of my post. Whiffs of smoke that I observed were coming from the bad spot in the cable and not from the motor as I thought. New #4 gauge cable I built installed and bingo -- no starter problem.