Well, me and a buddy took the boat out for a maintenance run...
We tuned the carb by ear and adjusted the idle (which was low [500] rpm in the water). It is now tuned to 650-700 rpm while in the water. The manual calls for 650 rpm.
We did everything we can to get it to fail, including letting the engine cool and restarting several times.
If anybody is looking for the specs for a 1994 4.3 liter, let me know. I have the original documentations for the engine, lower unit and hull for a 1994 1800sr.
To wrap it up, there was a series of problems including a battery cut-off switch with half the cranking amperage, a bad igniter coil, corroded engine block ground, old plugs [gaped wrong], wrong exhaust shutters, gunked up carb, bad bi-metal choke, a mixture adjustment, and a idle adjustment!
Sorry this doesn't narrow the problem down for other useres, but at least give a checklist of possibilities...
Just glad it runs, like it never ran before 50 mph, at 4200 rpm WOT (before I backed it off)!
THANKS TO EVERYONE THAT HELPED!!!!!!!