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I am an OMC mechanic and actively involved with the AOMCI - first post here, so hopefully this info helps you.
First off, disable the VRO pump and premix your fuel/oil mix. The VRO pumps can fail without warning and you cook your motor at anything above idle. You can still use the VRO pump as a regular fuel pump, they work better than traditional stand-along fuel pumps. I strongly recommend going to at least a 30:1 mix too. Won't hurt the motor and only protects you that much more. You could even use the older 25:1 mix if you want. If you use synthetic oil they smoke a little less if that is an issue for you.
If you have a WHITE control box, as mentioned before, they don't make a horn noise when you turn the key switch to the ON position initially. Newer BLACK control boxes do this (circa early 90's).
If you have no history on your motor change the gearcase oil, impeller, thermostat, etc. Don't just throw it on your boat and run it. You have no idea when the last time any of this normal service work was done. It may make sense to bring it to a local mechanic familiar with OMC motors (particularly older ones) to give it a general tune up and clean bill of health.
For all you know, it may have a bad cylinder or weak ignition, who knows. Not worth getting out on the water the first time only to be stranded!
