Does the engine start to die out immediately when throttle is applied?
OR.......
Does the engine hit full throttle for a time, then start to die out?
Having the rig secured on a trailer in the water at a boat ramp, the engine would encounter a scenario that we call "lugging". A situation whereas the throttle butterflies might be wide open, and with the spark advance set to full BUT it would be impossible for the engine to obtain its full rated rpm due to the fact that it isn't going anywhere....... unless you have a factory test wheel installed. However, the test you speak of is understandable.
The timer base I mentioned previously is the item that moves under the flywheel as you slowly move the throttle lever forward. In forward gear (engine not running for safety reasons), as the throttle is moved to full throttle, the timer base should move smoothly all the way up against a black rubber bumper (full spark advance stop).
The high speed jets would be located in the bottom center portion of the carburetor float chambers..... in back of the screw/bolt that you'll see at the bottom front portion of the float chambers. Either remove and clean those jets OR clean them where they're located with a piece of single strand steel wire.