Hello Rodney welcome! Those 40’s OMC motors were great motors. This company sold millions of those baby’s. Here are some things to consider, they are heavy, they burn fuel at an incredible rate. Parts are still available, new parts are expensive. lots of parts on ebay but your always taking a chance on used stuff. I rebuilt a ’63 Evinrude a few years ago. Memories kicked in I guess ’cause I learned to water ski behind one of these old timers. Your motor will probably need coils, fuel lines, fuel pump diaphragm, plug wires, head gasket and lots of love for sure. If the motor has been setting for a few years the compression means little. Points are probably dirty. If you are up for an adventure dive right in!
dale
Time for an engine swap!