I recently purchased a 1973 Lucraft 17ft side console. MINT condition!!!!  The motor is a Johnson 115. The ignition box does NOT make the steady "beeeeeeep", but rather it does make the "beep-beep-beep-beep" almost 2 minutes after I'm on the water. No matter how fast or slow I go. The whole time. New fuel lines and filter are in, the pee hole has water flowing out perfectly. Engine has perfect compression on all 4 holes. The beep rhythm from what I researched is the "oil" pump. 

 

Here is the issue. I don't think I have an oil pump???

 

The engine is NOT the original. It is a 1979 SeaHorse V-4.  Is it possible that the ignition box was for the previous motor that did have an oil pump or another type of cooling alarm and this newer engine doesn't have the connection so it just "beeps"?

Is the motor a VRO? Do you have a remote oil fill or do you premix?

 

NON vro  

 

It has a plastic gas tank (6 gal) in one of the compartments. Yes it's small for now until I get a bigger one. 

 

I add 1 pint of oil to 6 gals gas and it has the fuel line running directly to the motor. I mix it in the tank together like a potion lol

VRO was from 1984-early 1990's I believe. Mine is a 1979 and it wouldn't make sense that the older motor was VRO because it would be older than the 79. I don't know if it is a faulty overheating component alarm?  But the alarm should be a long and steady "beeeeeeep". Mine is like a "beep-beep-beep". I have temp checked the engine and it is perfect. So is everything else!!!!  I am debating on disconnecting the  alarm. :-/

Wait and see what Way2slow has to say

The same beeping is for "faulty oil sensor" which is what happens when you disconnect an oil sensor cable and there is an alarm attached. The alarm doesn't know if the sensor is faulty or in this case, missing. 

 

 I had a feeling that could be a possibility