Waterfun wrote:[does] the engine [have] a safety shut-off built-in if the pump goes bad or runs out of oil ...?
I do not recall any outboard engine that has an automatic shut-off feature which autonomously stops the engine from running if some parameter of normal operation is exceeded. That would be extremely unusual in my opinion. Generally any engine used for propulsion won't arbitrarily shut off on its own if it detects a problem. A more typical behavior would be to alert the operator. The operator would decide if the condition necessitates the propulsion engine being shut off. So on that basis, I would reply, NO, I very highly doubt the 1989 Yamaha 70-HP will shut itself off if it detects that the oil mixing pump fails or the oil for it has been exhausted.
The engine itself has no alerting system for the operator. This is typical for outboard engines. Any sort of alerting system would be provided by the electrical or electronic rigging associated with the engine, by the particular gauges installed, how they were installed, and if the proper rigging procedures were followed. It is impossible to know the exact state of the engine installation or rigging on your particular boat.
I don't have the owner's manual for the Yamaha 70-HP engines any longer; I included it with the engines when I sold them. I cannot look up any information about them. I recommend you carefully read the owner's manual. It will inform you of what sorts of features the engine has with regard to alerting you to operating parameters that are out of tolerance.
The typical two-stroke-power-cycle engine will let you know:
--if the engine block temperature is above normal
--if the oil level in an associated oil reservoir tank is below normal
In well-designed engines, you will also get an alert:
--if there is a failure of the oil pump to operate
In really well-designed engines you will further get an alert:
--if the actual low of oil into the fuel-oil mixing system is not detected
--if the vacuum suction in the fuel hose providing engine fuel is excessive
I cannot say exactly what set of those alerts will be provided in your particular engine, but the owner's manual should inform you of that.
The only form of propulsion engine shut-off provided with outboard engines is typically the safety lanyard. Removal of the safety lanyard from its holder-switch will cause the engine to immediately stop.