Yes, that would be the Hydro-Electric shift. And yes, it defaults to forward. And no, the shift switch in the control is different than the Electric Shift. Opinions vary, but I say the Hydro Electric is a good system—if in good condition. Clean oil is absolutely essential and if you let it get dirty and gritty, it is repair city time. That shift switch is getting rare and $$$$$. And of course look out for rotted wiring.

The ignition system was state of the art in it’s day. But not very good by today’s standards. It has breaker points, set at .009-.010". And lubricate the anti-reverse cut-out ring sparingly with EP grease. The ignition amplifier is easy to trash by improper practices. Good battery connections are vital.

Aside from all that, they were very good motors in their day.

Basic test: Disconnect and unbolt the coil and remove the spark wire from the distributor cap (it unscrews from the cap–rotate the whole coil & wire). Then remount and reconnect the coil and rig up a spark gap off that threaded spark wire terminal. Disconnect the wire going between the timer base/breaker plate and amplifier. Turn on ignition key and lightly brush the amplifier wire against a metal grounded surface. You should get sparks across your spark gap. If you do, everything is working up to that point. Proceed with pulling the flywheel and distributor cap and tend to the points. They don’t burn out like regular points, but the gap changes from wear. And the cut-out ring wears and the metal dust from it contaminates everything.

Gearcase lube is Evinrude/BRP "Premium Blend". Originally was "Type C". Still sold as Type C by aftermarket suppliers.

50:1 Fuel mix