Thanks for the interest everyone! Well I posted over on the antique outboard motor forums and this is the response I got:

"John it does not look like any outboard motor that I've ever seen. Looks more like a small engine that has been adapted for inboard or stationary use. The Johnson carburetor appears to also have been adapted to work on this particular engine. I doubt very seriously that the original builder would have used it as the OEM carb, but can't say for sure. I would say that the Johnson carb is an excellent choice for such a job, as they are reliable, simple, and easy to tune."

Another member also suggested a forum called Antique Engines Antique Tractors Steam Engines and Old Iron which I haven't looked into yet but hopefully they can help. Oh well crossed outboard off the list I guess!

To answer a few questions the Spark plugs I guess are a model 7? Although I assume that would be the heat range? The only other thing on them is made in U.S.A.

The reducer shaft on the end does not appear to be easily removed, at least not without splitting the crankcase.

The flywheel does not appear to have any kind of provisions to have anything attached to it, very solid other then what I assume to be some balance holes drilled on the inside of it.

Thanks for the help everyone!
J

Seem to remember an engine similar to one on our farm growing up.
Ours was used in the workshop for belt driven stationary tools.
This was late 60's and I was a pup so my memory may be incorrect.

Matt