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1978 20 hp, Runs Great, No Power

1978 Mercury 20 H.P. Runs great, never had an issue. Saturday, 1/2 way across lake, engine over-revs (similar to weed fowling). Did not hit anything, no sign of trouble, just massive over-rev. Engine still runs great, now I can go about 1 mph, any more and it starts to over-rev. I have neutral, forward, and reverse, just no gumption. Did not overheat, plenty of new gear lube. Only thing different from 100 previous trips was the boat had extra weight from 2 extra people. Need ideas on where to start, guessing in the lower unit. Many thanks in advance.
 
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