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Sailed on a 28' wooden boat built around 1972.----Did not leak at over 30 years old.----It is still in the water today.----Hope to sail on a 30' sistership soon against the 28 footer.----Wooden boats built by a Vic Carpenter.

At 65 INCH LBS the nut should not strip.

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No neutral detection switch on that motor.----Might be running on 1 cylinder.----Does spark jump a gap of 1/4" or better on both leads?

The oil seals have nothing to do with compression in the cylinders.

Post some pictures of the magneto / distributor.---The ignition coil if it is visible.

Agreed----It depends on the application as well.----Such as a little fast boat or big heavy cruising type boat.

I see rust / stain marks on the bolt circle.----Enuff to put it back on the way it was.---I do that when i get one of these worked on by some club fisted individual who took flywheel off the hard way.

The 10024 is a 1962 model !----A very simple / durable motor.

I have sailed ~45,000 miles on racing / cruising boats.-----Best option is to find a local sailing club and volunteer to help as crew.-----We do this all the time.-----Some folks never come back and others return for each race.-----Some end up buying their own boat.

It is a very simple switch.-----I would not classify it as an " electronic " item in any way.

Those solenoids rarely need replacing if ever on a 40 HP.----Also used on a 235 HP V-6 model.-----Yes they are a quality unit !

Some 64 models of these wonderful motors already used a safety switch.----Find it on your motor.-----Has one white wire going to it.----And it only needs one white wire.----Internal contacts might be dirty.----Prevents cranking when throttle is advanced too far.----Can be adjusted if need be as...

Those solenoids were used for about 40 years on many models.---Super good and durable.----Find the real reason it won't crank.----Such as the safety switch on the engine.

Typical for a motor that is running on 1 cylinder.----Post the actual compression values here.----And does spark jump a gap of 1/4" or more on both leads?

I am going to be blunt here.---Only if throttle plates are not horizontal at full throttle,----Take a good look at linkages to see where adjustments can be made.----But do not adjust anything if you are unsure.

Is it air or fuel vapor that you are seeing?

You are missing the FACT that there are no fuel mixture adjusting screws on these carburetors.

???----Circled in blue are NOT ADJUSTING SCREWS at all.-----Do a compression test and post the actual values here.

Check valve clearance BEFORE spending any beer tokens on parts.