Re: Proper engine size
Looking at the Glasspar brochures for 1968 and 1969, it looks like what you have is a 1969 Cutlas 15'. The weight matches yours, according to the brochure. In 1968, that was a 16' model. In 1969, the model was 15' long. The brochure doesn't give max hp specs, though. Looking at the photo, it appears that the engine is the V4 OMC engine from that year. That would make it an 85 hp or a 115 hp. I'm thinking that it's the 85, but I can't be sure from the brochure.
There was also a 15' Avalon model, but it was lighter. The Cutlass is a tri-hull design, and the Avalon is a Deep-V hull design.
The inboard/outboard version of the Cutlas came standard with a 120 hp engine. That leads me to believe that the outboard model was probably similarly rated.
So, you're probably not horribly overpowered with that 135 hp engine. Tri-hulls are notably stable and, since it came standard with the 120hp I/O, you may not be in big trouble. The fact that the company didn't list max hp. ratings should give you a pass, if you decide to keep the 135.
As you can see, once the info is available, it's pretty easy to find out the information.
However, given the age of the boat, you should have the transom thoroughly inspected for rot before opening up that outboard on it.