it’s alive!
After a minor gauntlet of cleaning, rebuilding, head-scratching and more rebuilding, we finally have a working 1948 Martin motor. The rewind spring could use some works, along with knobs, a paint job, etc. but overall she’s up, running and purring like a kitten (albeit an angry one).
Special thanks to the folks over at the AOMCI who fielded a few novice questions; these folks are just a fountain of knowledge when dealing with old outboards. I don’t know what her top speed is, but she moves ‘high treason’ much faster than I expected.
My son and I couldn’t be happier 
