SOURCE: I have a 1994 150 hp Yamaha outboard motor with
Stop! Dont replace the pump...I would bet that it is the "down" Solenoid that went haywire. I would begin by replacing the Down solenoid...it is a far easier and cheaper fix and if your pump works to raise the engine then that tells me that it is not faulty. The Down solenoid looks just like a starter solenoid and the one that you are looking to replace has a GREEN wire to it. Yellow with a red stripe is for the starter. Blue wire is the up solenoid. So replace the one with the green wire going to it and I bet it will fix your problem.
SOURCE: how to service a tilt/trim on a 50 hp yamaha
To check the fluid level, tilt the motor up and engage the tilt lock lever. Open the bolt on top of the tilt/trim reservoir. The fluid should be even with the bottom of the bolt hole. If not add some fluid. When you put the bolt back in, run the trim up and down a few times. That should purge any air out of the system. Always be on the lookout for any leaking hoses or fittings. Hope this helped and best wishes.
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