I’ve been messing around with two of these motors.
The repainted one now runs good, but seems to run
hot.
The other one runs nice and cool, but will only run at
higher speeds partially choked, even after going through
the carb for the second time.

Neither motor seems to have a visible “Tell – Tale” indicating
it’s pumping water, but there is a series of drilled holes in the
exhaust, above the water line.
The one that runs cool blows zero water out these holes.
The one that runs hot would occasionally blow a little water
out at lower speeds.

Q- Is water supposed to blow out these exhaust holes?

https://youtu.be/40RCdthZ8j8

https://youtu.be/HSZ0TNmfNYQ