I have seen quite a few warning tone threads fro Mercury engines.
I had one that was similar to many that I have read:
Warning tone would sound when the key was turned, engine cold or hot.
It would sound even after starting. I had it looked at, and the problem was
with the warning control...
I have a 1992 Merc that started with a warning tone from the panel yesterday. My father was using the boat and this is what he tells me:
The warning tone is there when key is turned to run position with or without motor started. It also does this when it is cold or hot. Motor seems to run fine...