Re: Rebuild powerhead or buy factory-rebuilt one?
You don't need to always run at WOT to keep an engine happy, you just have to have it geared (propped) correctly. There is no transmission on an outboard, you get one gear and it's your prop, if you run the right prop so that you can reach 5800 at WOT, then your engine will not be lugged at any other RPM either. You can run 3500 for the next 10 years, and never go any higher as long as you are propped correctly to reach the right WOT.
If you cannot reach at least 5500+ RPM at WOT then your lugging, so that means your lugging it at any RPM. Even if you run 3500 all the time, you will be working that engine harder at 3500 then if you are propped correctly.
GlasV.....OMC Engine tuner is a very good product, it takes a little longer in the engine to do it's job now that they changed the formula, but if you leave it in over night it will do it's job. Seafoam is quicker. You may have just had to much coke built up for any decarb product to take care of.
You say you were running 5400 Max WOT, that's not too bad, but really anything under 5800 is lugging, so if it is actually lower towards the 5200 or 5000 range that you mentioned before, then that's hard on it, especially pulling skiers.
Fall is almost here, chalk it up as the end of the season and take it to a machine shop for a rebuild, that way it will be as cheap as possible and you will all set in the spring....with a 15" prop also.
Also, as far as the mechanic goes, maybe he is relatively honest, but I would be a little suspicious about telling you to baby it. He may just be looking for more money when you trash other parts. Or he could just be wrong and actually think you will be alright, and you might, but why risk it and the money?