Check for continuity with a meter between the end where it was cut and the block. It should be open on a cold engine. If not it may be only a defective sensor. Follow racerone's instructions to let us know what shape the engine is in also.
Ever have that fireball pass you when a loose wire made a spark and ignited the discharge from a cylinder near the one you were testing? Haven't had that happen in a long time since most of the newer boats have kill switches. Just have remember to pull the cord out now.
If every thing works as it should that would make a good fishing rig and the price seems to be inline of what it would go for in my neck of the woods. Very close to my present fishing boat and maybe my last one. I have downsized from larger go fast bass boats due to my age and the fact I fish...
Either did I until I looked it up. I did remember they were later than the US but couldn't remember the year. Been retired so long now I can't even remember all the Pennsylvania regulations.
Remember that many if not most states consider pulling a tube the same as a skier and require an observer when pulling one. I have a similar set up with 30hp on a 14' er and am sure I could pull a youngster at speeds close enough to keep then entertained by putting my lower pitch spare prop on...
I not sure how many different keys Johnson used but I know Mercury only had about 20 or so. They fit on one small key ring. Case used to have one key that fit all their equipment years ago.
Not knowing the year or model I can only guess what yours is for sure. Mercury color code was Brown/White Stripe=Trim Sender to Trim Gauge at one time.
What are you relying on for the 16V reading? Hook up a known accurate voltmeter. Do you have any electronics hooked up such as a fish finder that is turning off and displaying high voltage on the screen when this happens. Last time I had a similar problem the dash voltmeter wasn't accurate...
Where did you cut the kill switch wire? Did you have the control box apart when working on the motor to check wiring at ignition switch? If so I would suspect the problem is in the control box.