UPDATE ... just drop the boat in the water to giver a go. As expected nothing changed. Brought it home (river's about 2 mins. away) to check the cylinders and do the compression. No water in the cylinders. I was about to do the compression check when I noticed what I think is a gas line or a vaccum line (was spitting out a little fuel when pull started) had come out of the head area. Hoping this was the problem put the hose back in and back to the river. Motor had a little more pick up but far from what it was before. However the motor was kind of surging a little bit. Felt like it wanted to go. Came back home to check everything out again. No water came out of cylinders that was noticable on my hand. Cylinder One looked dry and cylinder two looked gas oily wet, spark plugs looked the same. Had spark and I did get shocked at couple of times through the back of the boot, not sure if it tracked or that's a problem. Next, compression test. Even worse then before. Cylinder One - 65 psi after 3 pulls then got hard to pull. Cylinder Two - about 35 after about 4 REALLY hard pulls. Mind you this is only the second time I have done a compression test. Ok thats a novel hope that helps. Thank-you for any advice.
Just thought of somthing else. I had the motor in neutral and manualy throttled the carb and the motor sounded to rev up to full power, granted the cowling was off.