I cleaned the carb out on my 1961 40 HP Evinrude. An old cork gasket had been disintegrating and bits and pieces collected into the fuel system and carb. Initially I cleaned out the bowl and metering valve/needle, slapped it on and it purred - for a few minutes, then it started misfiring and spitting out gas from the carb. Figuring it got more debri, I pulled it off and cleaned it again. Same thing, it purred for about 5 minutes then started missing and spitting. Third time, I did a more thorough breakdown and cleaning, it purred for longer this time but sure enough, it begun missing and spitting again. Before I tear the carb down yet again and blow all of the lines, I wanted to pick some brains and see if I should be looking at something else first. The plugs have been tested and are gapped and clean (no water/black, corrosion, etc) - NOTE: JUST PULLED THE PLUGS AGAIN AND THEY WERE BLACK. I couldn't imagine that this is a timing issue seeing how the problem is corrected only after cleaning the carb. I've also played wit hthe rich and lean lever (only way to adjust the air/fuel mixture on this engine) and there was no improvement. One more thing, I havent worked on an older outboard like this before, and I'm pretty sure it's normal but I wanted to check to be safe - the exhaust spits out water, I've assumed this was part of the cooling.