Actually a lot of the older motors have fixed jets too. I have a 1983 Merc 150 that has fixed jets. I would much rather have adjustable jets. A lean running 4 cycle engine normally won't get damaged much unless it is so lean that it does run very hot. A 2 cycle motor won't last very long running lean because the oil in the gas is its only source of lubrication. That is one of the main reasons for running a compression test before buying a used motor. Even that will not tell the whole story. You can have a scored cylinder and still check good compression wise. By far the best test would be a leak down test.
Fair Winds and Following Seas
Bill H. PTC USN Ret
Chesapeake, Va