I gather that pumping the fuel primer bulb before each start up sequence has a tendency to correct the problem temporarily. If so, that indicates that when the engine is shut down for a fishing period or whatever, the fuel within the lines may be draining back into the tank. This could take place if the "anti siphon" valve is stuck open or is missing altogether. Normally the anti siphon valve, when faulty, sticks in the shut position and results in a fuel restriction but the opposite occurs from time to time.
If the fuel is draining back into the tank, that leaves no fuel or very little fuel at the VRO pump, BUT the oil section of the VRO is in full operating order. Starting the engine and running it on what is left in the carburetors etc results in having the VRO pump excessive oil to the carburetors. This would of course result in a bad running engine.
Replacing a portion of the fuel line with plastic hose would allow you to see if this backwards fuel flow is taking place, but do check the anti siphon valve. I realize you're not checking it for a fuel restriction as described below, but check to be sure that it is present in the fuel system and not stuck in the open position.
(Fuel Anti Siphon Valve)
(J. Reeves)
Many of the later OMC V/6 engines incorporate a fuel restriction warning via a vacuum device attached to the powerhead. If the engine overheats, or if you have a fuel restriction, the warning is the same.... a steady constant beep.
NOTE... Only the V/6 & V/8 engines have the above "Fuel Restriction Warning". The warning horn will not sound on the other models.
The fact that a engine is not overheating, but the warning horn sounds off with a constant steady beep, and that the rpms drop drastically would indicate that the engine is starving for fuel due to a fuel restriction. Check the built in fuel tank where the rubber fuel line attaches to the tank fitting. That fitting is in all probability a "Anti Siphon" valve which is notorious for sticking in a semi closed position. It will be aluminum, about 2" long, and the insides of it will consist of a spring, a ball, and a ball seat. If this valve exists, remove it, knock out those inner components which will convert it to a straight through fitting, then re-install it. Hopefully that cures the problem.
The above procedure will cure a restriction problem with the anti siphon valve as stated. BUT, it may also allow fuel to drain backwards to the fuel tank when the engine is not running (siphoning backwards) due to the fact that the carburetors/fuel pump etc are higher than the fuel tank. This condition is not an absolute as the valves in the fuel primer bulb usually prevent this backwards siphoning problem. However.... if this does take place, the cure would be to install a new anti siphon valve.