"I have a 72-65 hp. Very simil
"I have a 72-65 hp. Very similar animal to the 70 hp. Except for the electric shift vs. mechanical shift things and some other details. If i got spark, and im getting fuel, there will be explosions. Now getting it all to go in concert, and behave normally well thats the eternal year to year challenge with these old things. If the carbs are not sludged up, then perhaps the idle setting for shifting has gone out of adjustment,if not, one could also surmise, that one cylinder is dropping out, or its carb is out of adjustment.But if it won't make power to take off and plane out the boat, you have to do what everyone is saying. simple things first. A. Fuel:last years?new? Carbs clean? idle mixture screws adjusted properly?
C.Ignition: hot blue spark at all plugs?
D. Compression test: maybe you've got some age related issues. E. Carburetor/Timing sychronization: needs to be done by a hi quality technician or someone who can read that manual and do the tweaking, and testing. I like to be out in a pretty big lake to play with the mixture screws and carb/timing synch while not tending the wheel. Smart people might bring it to an actual marina for service. I'm a diehard do-it your selfer, I have the scars to prove it!
Anyway, those are the things i stumble and bumble my way through on most any engine, { fuel, spark,& tuning}. Good luck, I'm sure i might have overlooked something obvious so read the discussion boards and search for situations regarding your motor. You'll probably have some "ah ha's" like i did. Its a great discussion board. Sheesh Ive written a book."