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What is you compression? Have you tested the stator or anything else? Stop revving it in neutral before you wreck it. Does spark jump a 7/16" air gap. Is your fuel fresh? Any water in it? Oil injection checked to be working?
The trim sending unit is usually a plastic switch that goes up and down with the motor. A continuity test will help you test that. It could also be your gauge.
I did not say they were good but there are 2 different versions. The design 1 has a bushing and design 2 has bearings. Mercury sells that lower unit brand new for around a $1000. I am also pretty sure that the older bushing can be replaced with the newer bearings.
120 is good compression. Does it run? Cause if it runs it has more than 62 psi of compression. Did you pull until the gauge stopped moving. minimum 5 pulls with cord. Igt is also strange they are both 62