A bit of an update. Had to replace both trim pumps. The first one took forever because I never checked the bag with the gasket and screws to see it had a drive coupler. I though I had one that the output shaft was too short since the original was a one piece. Got that one on and bled out. Went to bleed the second one and it died in 2 minutes. That was an easier replacement since I already did one, except I did not get the hold down screws tight and it leaked oil when I filled it so I got to remove, tighten screws and reinstall.
Got the rebuilt engine running and base timing set which was another adventure. Still could not get it to start after fixing the points gap. Pulled the fuel pump and it was full of crap from the old fuel tank and one of the checks was stuck open. Cleaned it all up and was able to get the motor started. Ran a bit then noticed it was starting to smoke a bit, no cooling. Shut it down, pulled the lower and checked the water pump it was fine. Found there was a small tear in the muffs that was letting just enough water out it would not keep the water pump fed. The muffs worked fine on my outboard two days earlier. So off to get new muffs. Was able to start and run, with cooling, on the new muffs. Got the timing set close enough to take it up to 2500 rpms for a while to break in the new lifters. Took the RPM's back down and eventually got the base timing set. It is a bear to see the timing marks in bright sun. Went to re-set the base timing today since I was running a bit too high on RPM's yesterday and had a bear of a time starting. The electric choke was stuck open. Got it started and running by holding the choke closed and reset base timing. Then I noticed a pool of oil on top of the carb. Found that I have some blow by pressure in the valve cover. I am hoping it will subside as the rings set in.
For the rest of the day it will be finish bleeding the steering system, and maybe put the other motor in. Hurt my shoulder putting the lower unit back on yesterday so I don't know if I want to mess with an engine today.