Like the title says.

Its a stock engine.
I want to check everything out and replace what needs be.

So, what do I do?

here is what Im thinking:
Plugs
Wires
Oil & filter change
Carb rebuild (anyone have a manual on how to do this?)

But, I want to check out the internal working on the engine first. Tomorrow I plan on doing a compression check,
I have a leak down tester, Ill give that a try, but never really had results from it. I used them on the outboards Ive restored, but not on a full-size engine.

Prior owner had an occasional popping/backfiring problem, so he pulled the engine, and replace it with a fresher one, thinking it had valve problems. Then, the problem returned shortly on the new engine. Im thinking an ignition problem of some sort. Under high RPM, the engine doesn't slowly come down, it kinda sputters and misfires to a slower speed. Any ideas why?

I have hoses disconnected and missing, and I don't know where they go, or how they should go, anyone have a diagram?

 

I would squirt a little oil in each of the cylinders before turning it as well. As far as the sputtering, I would think wiring like you mentioned. I would start with the tune up and go from there.

What is that broken wire to?

 

drain the fluids, and like Ted said- a little oil in each cylinder.
turn it over a couple of times without spark to spread the oil around a bit.

carb rebuild is a good idea, as the gaskets may have dried out at this point.

i wouldn't change the plugs/wires at this point- i don't think sitting for a year will hurt them.

 

Turns out, its for an autometer gauge. Ill be ripping that out.

I like it, way to save some $$$