Small Engines (Lawn Mowers, etc.): Elgin 1 1/2 ob engine, point gap, exhaust port

Question
QUESTION: Eric
   I have an old Elgin that I finally got around to starting, it's a/cooled but runs really hot to the point where you can smell the heat do you have any suggestions?

ANSWER: Is the oil mix correct?  Based on the age of the engine I am assuming it has points.  Is the point gap and timing correct?  I realize the engine is air cooled, but does it have any type of water pump in the lower end?

Let me know about the points and timing.
Eric

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QUESTION: Eric,
    I used a 50/1 mixture but haven't checked the point setting and for that matter wouldn't know what the setting should be.Got any idea??Thanks Cliff

Answer
I would check the gap before adjusting.  I would guess .018-.020, this is what most small engines use.

Does the engine recommend 50/1?  Older 2 cycles typically called for more oil mix but I am not sure about outboards.

Is there any label identifing the oil mix on the fuel tank or fuel cap?  Is the exhaust port clear?  The older engines used to produce more carbon plugging up the exhaust.  Hot exhaust gas may not be fully expelled from the engine causing heat build up.
Eric