A quick update for everyone..

I bought the Clymers repair manual and performed all of the ignition tests - everything tested fine. I then started removing the spark plug wires and one of the caps fell off in my hands. I think this was causing the problem. Anyway, compression read 160 on top cylinder, 170 on bottom. I installed a new connector.

I took the boat back to the boat ramp for one more try. I could get it on plane, but it still felt like the engine was not revving up right. All of a sudden the SOB took off - like a fuel clog cleared itself. Nearly through me from the boat. We cruised for about a half hour, then the engine started missing. I feel like I still have a fuel problem, so I'll rebuild the carbs over the winter.

I'm attaching a picture of the almost-finished project. Notice all the gelcoat dust from sanding? A great father-son project.

Thanks for everyone's help.