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Help with Throttle adjustment for1979 mercury 500 50 h.p.

I recently removed a 15 h.p. merc from my pontoon and put up a 1979 mercury 500 50 h.p. model 4805877 Cannot get the throttle to go into reverse and it goes into forward but is off the charts rpm.
I cannot figure out the right adjustment, I have searched the forum and there are a lot of different suggestions. Not sure if they are for my year and model. Are the cables compatable from the 2003 15 h.p. to the 50 or are they the same both are mercs.
Really frustrated about this
 
Does it catch reverse with the cable off (by hand)? If not, the LU needs to come down and be realigned. If it does with the cable off, you need to mess with the cable adjustment more.

Jeff
 
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