Those are shear pins. If you hit something with the prop while running,instead of stripping the driveshaft, the prop has a shear pin in it that will " shear," and not damage the driveshaft. Those allow you to pissibly fix it out on the water so you wont be stranded,. Cool project,!
OMG Chad, You my friend need to go buy a Lottery ticket. You struck gold on this one. Two hundred bucks, heck if it costs you another three hundred you are well in front of the costs of another nice used motor. I suspect you are spot on about the carburetor. A rebuild and you are ready to get it wet. Have fun.