It is circulating water and working correctly. I am so happy for you it is a great feeling of accomplishment to get a antique outboard running. I believe they will never make them as good as they used to be when you see most parts being still stocked it lets you know that they are still in high demand.
Joe
ps something you may do in the future if you already have not is change your float from the cork to the hard black plastic ones they make now that are alcohol resistant to the new fuel. I would run the motor for now the more it runs usually they better they get. Here is the link to what the new style floats look like.
http://www.marineengine.com/newparts/part_details.php?pnum=OMC0396514
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This reply was modified 4 years, 10 months ago by
joesnuffy.