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No power under load

I have a 1986 omc 2.5 L sea drive. I have rebuilt the fuel pump put a new bulb on. I have synced the carbs and adjusted the idle. Done compression checks on all cylinders and I have also check the coils with a multimeter. Now after all that I am still having an issue with lack of power. It runs great at idle speed and WOT on the muffs but once I'm in the water it goes to ****. It idles fine but falls flat on its face at WOT. I am at a loss now. What could it be?
 
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