Re: Swamped!!
The lower unit, being sealed, would not need to be drained and that's the only fluid inside the engine. Of course, gasoline would need to be drained and replaced.
Normal accepted procedure for a submerged engine is to raise it as quickly as possible, pull the sparkplugs and crank it over to clear water out of the crancase and cylinders. Replace the plugs and start it --this may take a while and you may need to recharge the battery a few times. Run the engine for at least an hour to warm everything up and evaporate any residual moisture.
If you can not do this immediately, keep the engine submerged then as soon as possible, certainly within 24 hours, dismantle it (completely, like a rebuild) and clean and oil all parts.
Crankshaft, bearings, connecting rods, and wrist pins are the main hardened steel parts and will tend to start rusting quite quickly when exposed to oxygen so failure start the engine immediately or to dismantle the engine will result in damage to these parts and shortened service life with eventual failure. Yes, the engine will start and run, but the damage will already have started and will accelerate
Sorry to be the bearer of bad news.
Now for even worse news: The Magna-power II ignition system was so failure prone that Chrysler offered a retro fit unit under warranty. Some ran well, but very many failed regularly. There are NO replacement parts available. If it should fail, your only option is to TRY and find used parts.
Ignition switch: Blue wire to "M", white wire to other "M", Green to "C", red to "B", yellow to "S". black is used for grounding other things like gauges, and purple is Tachometer. Orange is overheat indicator. Hot wire from "I" goes to one wire of the indicator and other wire of the indicator connects to orange. "I" is used to power things that must be on only while the engine is running--like gauges.
