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IMO, the biggest liabilities of these otherwise nice motors are:
Need to remove powerhead to work on water pump. (Because there isn’t a provision for disconnecting the shift rod otherwise.) Some say this isn’t a big deal. Maybe so. But it surely discourages changing the impeller/inspecting the pump.
The “shock absorber” in the drive shaft. (This was before rubber slip hubs in the props.) This can separate some, putting a lot of pressure on internal parts. Or the spring can break. You get to inspect this while doing the water pump work.
Need for lots of oil in the fuel. There are tons of opinions about how much is enough. I think the official OMC guidance for a ’58 was 20-1. People above are saying use16-1. Not even OMC itself consistently gave sound guidance on mix ratios.
The pressure tank system isn’t ideal but but will work fine if the special tank is in good shape.