'94 Ocean Runner 225 Fuel Delivery Issues

I am trying to keep my '94 Ocean Runner 225 running reliably. I rebuilt the carbs last summer and ever since then I've been fighting fuel mixture / delivery issues, and it's been driving me crazy trying to get this resolved. I think I've made some progress today, and I seem to have a strong reliable idle now, but I am also getting a VRO no-oil alarm (rapid on/off alarm). I thought this was a VRO fuel pump issue, but it happened even after swapping out another fuel pump.

Other than a bad VRO pump, what are the possible root causes of a no-oil alarm? More info:

1. I have replaced the anti-siphon valve, but I did not know how to inspect the fuel pickup (it's a '94 Grady White Explorer 24).
2. I've replaced the fuel line and bulb from tank to VRO pump.
3. Replaced the filter/water separator
4. I completely cleaned out the oil reservoir, inspected / cleaned the oil filter pickup and replaced the oil line from reservoir to VRO pump
5. Replaced the pulse limiter and pulse limiter hose
6. Replaced the seals on the primer valve
7. The fuel filter is about a year old and doesn't look funky or clogged
8. All plugs are new and gapped
9. I thought I had an air leak at the carbs (I still might), but testing with propane on running engine around the manifold didn't seem to have impact.
10. I was trying to tune mixture without the air silencer/baffle installed, and now I BELIEVE that's a waste of time as that silencer limits air intake -- running without it creates artificially lean mixture, correct? I didn't understand that until today. When I tried running without it the engine stalled on acceleration. Before I installed the baffle, I had the carb idle mixture screws set pretty rich -- it would only really hold an idle at about 1 turn off of seat. I haven't tried to retune now that I have that back on.
11. I do have gas weeping out of at least 3 carb float bowls, and I think they have warped. I've sanded them down and managed to get 3 fairly well sealed, there's definitely gas weeping out of at least 3 of them.
12. I have done a link/sync based on service manual.
13. When the VRO no-oil alarm goes on, I can shut off the motor, reprime the fuel bulb (which has gone soft at this point), and restart with no issues.

Today I was able to get the motor to idle strongly, run at WOT over 5000 RPM, not stall going into the slip, and generally run pretty well. Except for that VRO alarm.

Thanks for any help.

Ok, not getting much traction here. Sorry, I was probably all over the place with my original post. Since then I checked compression (engine warm, not totally hot) and had 100 to 110 psi on all cylinders. More research online has taught me that if I'm having fuel delivery issues (e.g., sucking air somewhere), it will lead to over-oiling and shouldn't set off the no-oil alarm in and of itself.

Right now it will start, idle well for the most part, and I was able to get back up to about 5000 RPM. Coming back into dock I got the "no-oil" alarm, and it stopped after I gave a couple of pumps on the bulb. Idled back into the dock, and at the dock got the alarm again. Same thing, went away after a couple of bulb pumps.

Oil line from bulb to VRO pump is new. Bulb and pickup are not. What to check? Oil pump test (with the clear line)? Vacuum test on oil pickup? Anything else?

Thanks.

Replaced oil pump bulb and bit the bullet and purchased an OEM VRO fuel pump. I also took apart the oil pickup and cleaned it out. It almost looks like there's a check ball inside the pickup, but I flushed it well with carb cleaner. I tested with vacuum pump and it seemed to hold. For now I'm not getting any VRO alarms anymore, which is good.