Are you absolutely SURE the rope has never been broken and is now about 4 inches shorter than it was originally? Or perhaps the rope has shrunk/shortened in the last 46 years. Or perhaps it was replaced by a previous owner with a rope from a different model that is shorter than the original.
Your motor is an Evinrude. Instead of removing 10 or 12 inches of rope (bad idea), get a longer rope (about 4 inches) and then install it so the arrow lines up with the "E" mark. Pawl should then engage with a very short pull on the handle as it should. If the rope stretches or shrinks, adjust as necessary.
PS: All of this above assumes that the pawl mechanism is actually working. But that is easy to see. Just watch the pawl as you pull the handle. Pawl should move outward as soon as you start pulling the handle.
