Any outboard motor mechanics

[gary]

I was given a 1970 7.5 mercury outboard motor.  The insulation on all of the wires is rotten and just cracks and crumbles when you touch it. I pulled the fly wheel off to start replacing wires. The part under the flywheel ( magneto ?) has what I think are ignition parts ( I saw part of what I think is a condenser there) in a rubber or silicon type stuff. The stuff is also starting to crumble and fall out. This is the first boat motor I have ever tore apart. Is magneto the correct name for the part under the flywheel? Should I replace it 

[sprucebunny]

The thing under the flywheel of mine was called a stator but they could be different.

[gary]

Thanks sprucebunny. Now that I know what it is called I can find the part.

[ARKANSAWYER]

  I get my parts at Boats.net and they have photos of parts and books for sale.  I have found parts by calling them that I could not get any where else.  Prices are not to bad.  But you can look up and then call a local dealer with part number.  The Site is easy to get around and they have always given me good service since I have a Force outboard and there are no Dealers any more.


http://www.boats.net/parts/search/Merc2/Mercury/7.5/parts.html