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The black tar was indeed what made me think the coil was shot, compounded with the readout. Coils that old are probably bad most of the time from what I’ve heard….but I’ve had some decent luck with pre-1940 motors. you probably have to do a coil conversion, and to answer the inevitable question, I do not have any knowledge to help. I’ve done one conversion on a 1940 Evinrude and I still don’t understand how the electricals work even though it was successful through advice via this club.
"Outboards seem to multiply exponentially..........I find that for every finished project, there are two more waiting to be completed."