The lead was a octane booster of sorts back in the day as well as a lubricant for valve seats. For your old outboard I wouldn't sweat it. Make sure the timing is set to spec or minus 2 degrees, and call it a day. The lead substitute you buy today will be of no benefit to you as you don't have exhaust valves and seats to worry about, and it does nothing for octane. If your concerned about it, run midgrade and call it a day.
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2011 SUNDANCE B20CCR SKIFF, 2011 YAMAHA 90HP 4 STROKE, 2011 KARAVAN SINGLE AXLE ALUMINUM TRAILER, LOWRANCE ELITE-7 HDI, MINN KOTA RIPTIDE TROLLING MOTOR
2000CC HYDRA-SPORT 225+HP EVINRUDE SOLD 
AND THE PINK JEEP!!!! R.I.P.
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