So you've got compression, spark, and apparently judging by the finger in the carb throat test... fuel flowing thru the carburetors.
Possibly the throttle butterflies aren't opening fully (flat horizontal) at full throttle... OR... the timer base under the flywheel is sticking, not obtaining fulll spark advance?
With the rig on a trailer, view the boat/engine from a side view.... the cavitation plate just above the propeller should be approximately 3/4" below the bottom of the boat and parallel (same angle of attack) with the keel (bottom of boat).
In the bottom center portion of the carburetor float chamber(s), way in back of the dain screw plug, there lies the High Speed jet. If this jet is slightly clogged, it will be impossible to obtain full power. The original part number is #308977 but has been superseded up to part #328543. The inner diameter size should be .058 and would have the number 58 imprinted upon its side.
The idle timing is 3 degrees - +/- 1 degrees. This is checked with the scribe mark on the cam dead centered with the throttle cam roller. It can be adjusted via the linkage between the vertical throttle arm and the cam.
The full spark advance of 19 degrees can be checked as follows:
(
Timing At Cranking Speed 4°)
(J. Reeves)
The full spark advance can be adjusted at cranking speed,"
without" have the engine running as follows.
To set the timing on that engine, have the s/plugs out, and have the throttle at full, set that timer base under the flywheel tight against the rubber stop on the end of the full spark timer advance stop screw (wire it against that stop if necessary).
Rig up a spark tester on the #1 cylinder plug wire. Hook up the timing light to the #1 plug wire. Crank the engine over and set the spark advance to 4° less than what the engine calls for.
It's a good idea to ground the other plug wires to avoid sparks that could ignite fuel that may shoot out of the plug holes. I've personally never grounded them out and have never encountered a problem but it could happen.
Your engine calls for 19°, set the timing at 15°. The reasoning for the 4° difference is that when the engine is actually running, due to the nature of the solid state ignition components, the engine gains the extra 4°.
If you set the engine to its true setting at cranking speed, when running it will advance beyond its limit by 4° which will set up pre-ignition causing guaranteed piston damage! You don't want that to take place.
No need to be concerned about the idle timing as that will take care of itself. The main concern is the full advance setting.
A fellow member from one of the various marine forums suggested having water supplied to the water pump (flushette or barrel) simply to provide lubrication to impeller. A worthwhile suggestion I thought, and entered here.
Be sure to use your own engines spark advance settings, not the one I picked out of the air here in my notes.
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http://shop.ebay.com/Joe_OMC32/m.html?_dmd=1&_ipg=50&_sop=12&_rdc=1
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