RE: Please advice for fast boat plan for an OPS .60
That metal flywheel looks like a Picco . Good eye Craig. no water to the head. not good usually a water jacket head. The front bearing is the one that goes first.the one under the flywheel. If you have needle bearings in the con rod NOT GOOD . you can't find-em anymore. Finding parts may be a challenge. STILL A GOOD FIND.
Low nitro content is advised like Hendricx said As a rule the smaller the cc the bigger the nitro. A .12 will run 50=65% nitro.