Just bought a boat from Ohio with a 500 HP carb.

When cold, starts great, but hard to put in gear when its cold, keeps stalling.

Once warm, runs perfect BUT idle is too high.

Choke has two wires on it, so I assume it an electric choke, not sure how to adjust, or what I should do.

Boat chokes = pain in the a$$

Just disconnect it and wire it open and then adjust the idle on a warm engine.
Cold starts won't be quite so easy, but you just need to let engine warm up for 2 mins at 1000rpms or so.

There's no reason it can't be adjusted correctly IMO provided you don't have a vacuum leak. It sounds like the choke is working as it should but the fast idle is open too far and the idle circuit is too lean.

Adjusted the warm idle, idle is perfect now.

Will try the choke this weekend (runs so crappy it hard to take it out of the boathouse, keeps stalling in gear, snorting a popping when cold and in gear)

Sounds to me like the electric choke is not even closing/working.