Jeff - I think you have pointed out an error in my notes (or at least a misinterpretation on my part).
In 1973 the "model 40" had the phasemaker - I mistook this to mean the 40 horse. Upon further reading, the 40 horse, in 1973 was called the model 402 (40 horse) and had the T3 until it got the T4. I will correct that note for future "historical" reference
Now as to the ignition power. I probably have notes on that too somewhere but will go off the top of my head here. I'm thinking that the OMC ignitions produce about 65,000 volts at the coil, portable Merc's are somewhere in the mid 80K range and 30'ish horse and up were either at or just over 100K (I'm probably off here, but that is probably close to the actual spread/difference) - and I'm only talking CD ignitions here - not the newer PCM/computer driven style (that I think Motorola either designed or initially built for Merc).
And agree with Jeff about discharging before work - nothing to worry about. I don't know if the capacitor(s) inside the switchbox stay charged or not (maybe), but unless you cut the box open (it's epoxy sealed), nothing to worry about.
And yes, I am not a 4 stroke fan (except in the tow vehicle) but I had a really good look at the 20 horse when they introduced it a couple years back. It was/is nice and light and the initial tests looked good (was talking with a technical rep at one of the major boat shows about it). It looks like in the last year or so (losing track of time now) they moved the 15 horse 4 stroke to the same powerhead - so I would add the (new) 15 to my "might be able to live with it if" list for 4 strokes.
However, all else being equal, I would opt for the 20 horse since it's the same platform and the 15 is the "detuned" model - the displacement is matched to the 20 and the weight is the same - no reason not to go with the 20 unless you run on HP restricted waters.
Now if you wallet is having trouble containing all it's cash there is the Evinrude ETEC 15 horse HO (DI 2 stroke) or the ETEC 25 are viable options in this horse class. But at 190'ish and 170'ish pounds respectively that's awful heavy compared to the 4S 15/20 Merc that comes in at about 115 lbs.
These little 4S Merc's are 100% Tohatsu's but since Merc buys in "bulk" they tend to be a little cheaper when Merc branded compared to either Tohatsu or Nissan (which is also the exact same motor), and Merc has a better service network (but certainly worth a look - the one Tohatsu dealer in my piece of Ontario gets some wicked "show special" deals from Tohatsu from time to time - so if in the market, do keep your eyes open).
In the used market it's tough to beat, for quality/durability/power the 25 horse Merc 2 stroke. I don't know exactly when Tohatsu started building them, but those were sold as the 25 "Saltwater" edition (and one other model whose name escapes me) were Tohatsu's.
But I'm thinking it was pretty "late", possibly at some point "after" Merc stopped selling most of their 2 strokes (maybe 2005'ish) in the US market (but maybe not quite). I have little to no experience with these Tohatsu built models.
The earlier ones, like most portable Merc's (at least those post 1986) were Merc's assembled from mostly Yamaha built parts - but Yami built the parts for Merc and never used them themselves - unlike the Mariner models which were really Yami's with different stickers. So the 25's I'm talking about were going back to the 25XD models up to (minimally) the 1994 1/2 models and including the Marathon and SeaPro models (Merc and Merc/Mariner "real" Mercs).
A late 80's 25 Merc is probably one of my favourite motors from them (along with the 4 cylinder 40 horse and V6 135, to round out the top 3) - almost impossible to kill, even if you are a little complacent looking after it, still "portable" @ 120'ish pounds and tons of guts.