It's leaking out the plug hole and has no fire where do I start???
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Is a 1976 Merc 500 worth messing with???
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I'd say, it's definitely woth to mess around with it.
I have the same engine and love it. Get's a major overhaul this winter. If it leaks water out the plug hole, you will need a new jack plate cover gasket. It's cheap. Well at least in the US
No fire is another thing. Can't really help with this. But parts are getting more expensive if you need a switchbox for example...
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