It looks like the "JB Weld" was used in lieu of a gasket. As it turned out it wasn’t JB Weld after all, it was some sort of sealer.
The ring in the surrounding the opening for the prop shaft in the picture, I’m not sure if that’s the Prop shaft water seal packing cup or maybe the prop shaft water seal seat. If it’s the seat I’m in trouble, marineengine shows this part as no longer available; the packing cup is. Can anyone ID this part? If it’s not available; I might be able to tap it back into shape. It looks like the water pump eccentric pin has been replaced by a homemade one someone made out of a nail, Marineengine has that available too. Fortunately all the pieces are there, I’m going to go into the carburetor & see if it looks salvageable before I order any parts.
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