Your 1988 100hp Merc falls into this serial number range:
http://www.marineengine.com/parts/mercury-outboard-parts/100-4-cyl/0b209468-thru-0d283221-usa
Here's the electrical components breakdown:
http://www.marineengine.com/parts/m...09468-thru-0d283221-usa/electrical-components
You'll note P/N 38, the rectifier. This is the old-fashioned bridge rectifier without a regulator. Voltage will vary with rpm as the O.P. described. On this engine, when a rectifier is used, P/N 39 is also used. Called either a "terminal block" or "rectifier", it provides a tach signal via the middle connection.
What's more likely is that you have a combination rectifier/regulator installed. See P/N 40. This was available as a retrofit for those motors originally having the old-style, non-regulated rectifier.
Merc does it one way, using lots of wire and retaining the "terminal block" where the tach wire connects:
http://www.marineengine.com/newparts/part_details.php?pnum=MER815279A+2
Aftermarket does it a different way, using a rectifier/regulator that has its own "tach output" wire that hooks up to the engine's tach sensor wire:
http://www.marineengine.com/newparts/part_details.php?pnum=SIE18-5741
http://www.marineengine.com/newparts/part_details.php?pnum=CDI194-5279
There's one more listing, from CDI electronics, which does not have a tach sensor wire built-in:
http://www.marineengine.com/newparts/part_details.php?pnum=CDI193-5114
It's listed as a functional equivalent replacement for the standard rectifier, except it's regulated.
For this one I'd assume that you'd keep the "terminal block" and its tach connection. You'd have to figure out a mounting point for the CDI unit as it doesn't look like it has the same mounting holes. But it may be small enough to fit the same spot as the OE rectifier. And the connections are the same as the wires would be to a rectifier, 2 yellows from the stator and red +12V.
For completeness and ease of installation, the Merc upgrade is a shoe-in. It has a nice aluminum mounting bracket for the rectifier/regulator, all the wiring you need, mounting hardware, and a new terminal block. But it is more $$$ than the aftermarket parts.
If you can fab-up a mounting bracket, or already have a regulated unit on there and just need to replace that, the CDI or Sierra rect/reg's with tach output (grey wire) would do the job for less $$$.
If you have the very large rect/reg with fins shown as P/N 40 in the diagram, there may be enough room to mount the later-style, smaller rect/reg right in its place without having to build a mounting bracket. And if that old rect/reg uses the terminal block for the tach output, you don't need the rect/reg with grey tach wire and could use the inexpensive CDI rect/reg I described above.
It would help if you posted a picture of the Stbd side of the motor, showing the electrical component's mounting plate, without the plastic cover. Then we could better figure out what you have and what needs to replace it.
And if you want to be even more cornfused, check out P/N 43 which is yet more rectifier/regulators! Crazy, huh?
HTH............e