Well... took it out on the Thames this afternoon successfully...
- forgot the bung, so boat started to fill - pulled out, drained, put bung in, refloated it

- then had to paddle boat out of slipway area as it was too shallow for the engine...
- it started first time (no obvious exhaust fumes)
- discovered that it felt a bit lumpy at slow speed, but fine at higher revs
- seemed to go very smoothly
- turning circle is quite poor (though only tried to port...)
- switched engine off at one point, wouldn't restart with the key - but did pull start...
back in, and back out of the water - 20 minutes on the water & very enjoyable!
spoke to Red Line Outboard Services in Abingdon (nearest servicing to us it seems) and his view was:
- exhaust when running in a bucket will come back up the tilt tubes and exit as shown above - therefore probably normal.
- they are usually lumpy at 700 revs and smoother above 1000 revs.
- could be a fuse / solenoid / etc. stopping it from starting on the key...
so, off for a checkup - but generally pleased - felt very good...
Alasdair