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ISTR there were two generations of electric shift.
I believe the first generation requires energizing the forward coil to go forward (defaults to neutral) in the 60’s.
The second generation (in the 70’s? called hydro-electric??) may default to forward.
Yes, two generations of the electric shift units. The old 40hp models had the first generation, so the unit defaults to neutral when no power is supplied to either magnetic clutch coil.
There is the remote possibility of some sort of short circuit that may be supplying power to both coils at the same time though, which would lock up the engine, not real likely though. Easy enough to test though, simply disconnect the battery. If you can crank it with the recoil now then there is a short somewhere.
Like any other gearcase, there is the possibility that something is damaged in the gearcase locking up the engine so you may want to begin by draining/inspecting the gear lube.