Vintage Merc Vs. Chrysler...Thoughts? Suggestions?

[polarisman14]

Hey,

For starters, please do not answer "skip the merc, sell the chrysler, buy a blah blah blah." Not the answer I am looking for whatsoever.

I currently own a 1972 Chrysler 35hp motor that has been giving me what appears to be an ignition related issue for quite some time now. I have already replaced one of the coils (the old one on one side appeared visually damaged) along with a points/condensers tune-up kit and some new spark plugs. I still have yet to do a carb rebuild kit (single carb) or the fuel pump diaphragm, and was planning on an in-line fuel filter (sediment bowl is the only filtration system for now) install in the very near future.

When trolling craigslist I came across a '62 Mercury 500 50hp engine. It is in gorgeous aesthetic condition and includes the motor stand, controls, and fuel lines for under $200 but the previous owner said he was using it and it lost spark without explanation. This could leave it being the wiring harness ($200 for a NOS one), points and condensors (relatively cheap), or the magneto (rendering this a heavy paperweight). I really have no way of diagnosing what the problem is if it isn't something obvious and I have a knowledgeable family friend telling me to walk away from this.

Put yourself in my shoes. I've got a couple hundred to play with. Should I buy the Merc and try to diagnose it, or buy the tune-up parts I haven't yet purchased for the Chrysler and stay the course trying to fix that? I'm still getting my boating fix when I have the opportunity to go on on my friends' boats, but would really like my own to work as well.

Ideas?