You've got 90 psi compression on that little thing?... That's excellent!

Use a Champion J6C spark plug with the gap set to .030 .

With the spark plug removed, using a spark tester that you can set the "air gap" to... set the gap for that model engine to 1/4". Note that the air gap is important!

The points should be cleaned with either acetone or lacquer thinner (keep your fingers off the contacts).

Set the points by having the crankshaft key aligned with the fiber rubbing portion of the points. Set them so that a .020 gauge will go through but a .022 will not. That'll get you as close to factory specifications as possible.

A$$uming the carburetor is clean (if not, clean it)... set it as follows:

(Carburetor Adjustments - Two Adjustable N/Vs)
(J. Reeves)

Initial settings are: Bottom high speed = seat gently, then open 1 turn out. Top slow speed = seat gently, then open 1-1/2 turns.

Setting the high and low needle valves properly:

NOTE: For engines that DO NOT have a shift selection, obviously there is no NEUTRAL position. Simply lower the rpms to the lowest setting to obtain the low speed needle valve adjustment.

(High Speed) Start engine (it will run pretty rough), shift into forward gear, take up to full throttle. In segments of 1/8 turn, waiting for the engine to respond between turns, start turning in the bottom high speed needle valve. You'll reach a point whereas the engine will either start to die out or spit back (sounds like a mild backfire). At that point, back out the needle valve 1/4 turn. Within that 1/4 turn, you'll find the smoothest setting.

(Low Speed) Slow the engine down to where it just stays running. Shift into neutral. Again in segments of 1/8 turns, start to turn the top needle valve in. Wait a few seconds for the engine to respond. As you turn the valve in, the rpms will increase. Lower the rpms again to where the engine will just stay running. Eventually you'll hit the point where the engine wants to die out or it will spit back. Again, at that point, back out the valve 1/4 turn. Within that 1/4 turn, you'll find the smoothest slow speed setting.

When you have finished the above adjustments, you will have no reason to move them again unless the carburetor fouls/gums up from sitting, in which case you would be required to remove, clean, and rebuild the carburetor anyway.

Let us know how you make out.

Yup... 90 psi... tested again last eve. I rebuilt the carb,new points ( set to .20) new condensor & new points... did not check the distance of spark on the plug...but will. Like I said earlier, runs great when warm...cranky to start when cold... I am using a drill and a "9/16 socket.
Will start with a breath of wind when warm...
I removed the flywheel,and armature plate... spread oil on top of oil seal...turned the crank and noticed it bubbling... surely that would not prevent it from starting easier??? your thoughts??

Yup... 90 psi... tested again last eve. I rebuilt the carb,new points ( set to .20) new condensor & new coil... did not check the distance of spark on the plug...but will. Like I said earlier, runs great when warm...cranky to start when cold... I am using a drill and a "9/16 socket.
Will start with a breath of wind when warm...
I removed the flywheel,and armature plate... spread oil on top of oil seal...turned the crank and noticed it bubbling... surely that would not prevent it from starting easier??? your thoughts??

Whether that slight bubbling creates a problem is unlikely as the weather would not be affecting it... BUT... obviously it bothers you, so for peace of mind and to eliminate that possibility however remote... replace it.

Weather is not an issue as the outboard in in my basement where I am working on it...
Only thing I can think of is try a smaller gap setting...18 thou perhaps...
Would you agree the slight air loss from the oil seal should not present a starting issue ( SKF Seal part number 7439)
or Sierra 18-0502

Point setting: No, don't set to .018.... set as I specified.

The to seal: Normally that wouldn't bother the starting BUT being a one cylinder engine.... maybe.

MOved on to another outboard... have too many perhaps?? Any one on the list familiar with Martin outboards..?? I have a pristine 2 hp coming from Ontario..have two 4HP now
Jack