Hi, I'm finishing up my boat restoration and fired up the '64 Evinrude. I had the carb cleaned and rebuilt approx a year ago while I was still working on the boat. It turned right over but is very smokey. I mixed ethanol free gas 50:1 per the original manual. The water pump appears to be working fine and the selectric shift engaged forward as seen towards the end of video #1. I played a little with the idle adjustment on the selectric to bring down the RPM's to just above stall point. Any suggestions regarding the exhaust? I know it's the nature of the beast and I'm in the garage with the doors open so it's not dissipating as quick as it might outside.
Call me crazy but the smoke doesn't seem that excessive for the situation. They'll "clean out" a bit when out on the water, especially after sitting up for a while. Fogging oil left over will also contribute to the smoke at first, but clear up in a short time. I'd like to see mine adjusted a little on the rich side rather than lean, but just a tad. Too much either way is not good for your motor.
Synthetic outboard oil will smoke less than the regular stuff, may want to give that a try if the smoke still bothers you after you get her out and running a while.
Just my humble ramblings, good luck with your project.
For running in a pail the smoke looked perfectly normal as it always looks worse than on a lake. To really get the motor dialed in you need to run it on a lake, get the high speed set then refine the low speed. Smoke is not a bad thing!
Add my third agreement to Mark and Al. Two strokes smoke by nature, lack of smoke means lack of oil and a soon to be fried powerhead. Once you are on the water and moving, it will be a non-issue. When I run one of my vintage outboards in the barrel, some of which use four times(!) as much oil as your 'Rude, a breeze or a fan are MANDATORY so the motor and barrel don't disappear (literally!) in a cloud of smoke.