I still have not figured it out. It is sitting in my garage. The only thing that I can think is that I somehow have the wrong ignition. I have crossed referenced the ignition that I have with Mercury and online sources, and as far as I can tell, I have the right one. It is a simple system and...
Sportbert1.. did you every figure out what it was? I have a Mercury 3.5hp and also have replaced ever part possible. I could have bought a new one for how much I have spend on this motor. I too cannot get a spark and all of the numbers that you posted for: "fly wheel (plug removed) it fluctuated...