You won’t really know how tight it need to be till its running. These early motor vibrate quite a bit. If the timing is changing it will need to be tightened a little more. Getting it set so the mag plate doesn’t move, but you can still move it, can often take a few tries. Even on motors that just have a lever. You should know that these motors have a bad reputation and they deserve it. While there are some that do run well, most don’t. While mine is real easy to start, it runs like crap. Now when it comes to the oil, I’m not a run a bunch because oil is cheaper than parts guy. I use a biodegradable, full synthetic. When running a motor that hasn’t been used in years, for the first time, I want to use extra oil. I mix up a half gallon with 4 oz of oil. That is 8 oz per gallon. 4 oz. less than the recommended amount that is on the rope pulley of your motor. After I use that up I would run 3 oz. per. gallon. If I find a motor doesn’t run the same it means that there isn’t enough oil to seal the main bearings and air is getting into the crankcase. My motors run from the 20’s to a few in the 60’s. The only motors that I have that need more than 3 oz. are the small motors like the 1/2 hp Cub and Mate, the Pal, Scout, and so on. I run 5 oz. in those motors. This is not a recommendation. Its what I do. I’m just another guy on the internet, offering my experience, for you to consider in deciding the amount of oil you’ll feel comfortable using.
A "Boathouse Repair" is one thats done without having tools or the skills to do it properly.