I had a similar problem with my 1991 Johnson 115hp that I bought for peanuts because the prior owner could not figure it out. I went step by step fixing everything and it had a ton of things wrong with it. It was providential that I could not get it to rev up in gear, because one day it dawned on me to check the engine temperature with a laser thermometer, and I found that the cylinder head cooling passages were totally clogged up. I would have fried the engine had I been able to go full speed in gear. Scroll to the bottom of this thread and read what I wrote:
http://www.marineengine.com/boat-forum/showthread.php?422910-Engine-starts-and-runs-great-for-awhile
Now, on mine, the problem was many things, and the procedure was step by step:
1) I changed the fuel hoses as the old hoses were too big a diameter and fuel was leaking all over the place
2) I changed all the hoses on the engine, fuel, recirculation, and primer. ( I water tested it and it still did not speed up in gear)
3) I had to correct the remote throttle as it was on backwards
4)I replaced the VRO with a regular fuel pump
5) I had to clean, rebuilt and adjust the carbs
6) I did a complete Synch and Link and the
Joe Reeves Maximum Spark Advance technique.
7) cleaned and gap the plugs and test for good spark jump.
8) I changed two coils some spark plug wires
9) I had to take apart the heads and hand scraper clean all the water passages and replace the rubber deflectors
10) I changed the thermostat (somewhere up there I did a second water test)
I water tested it for the third time AND it took off like a bat out of hill, the thing flies!
It was a step by step. What has been your step by step so far?