Hi Roy,
I have an original Wavemaster with the rear square Magnet B/L motor, that you describe - it's a nice little motor to be honest, bit clattery but Ok
As said, give it 6v and it pushes a largish 3 blade brass prop quite well, it's not exciting but it's OK fastened to a resistor type speed control
Lasts about 3/4 -1 an hour on a 6v 4amp sealed lead acid, great for the kids to have a go with. I think they did two sizes of them?
Don't have any Taycol at the moment, passed my last one on, but again OK, apart form the reverse issue.
I have a an original Maycraft Mercury as well with a small geared MFA motor, and please don't laugh I have an original Sea commander with a large Mabuchi motor, with large magnet cans either side the motor, again , goes OK.
Time for bed
Thanks