Some background... top 2 cylinders have 125 psi couldn't get tester in bottom cylinder. New to me motor. Supposedly ran but no spark put with coil with built in resistor and added condenser.... still had no spark so checked points and they needed setting. It then had spark and ran. Set static timing and took the boat out for a test run. Ran good but needed adjustment for shifting. I did some adjusting and also checked level in lower unit by sticking in a piece of wire in the top fill hole. It came out with grease on it so I figured it was filled. I had the boat tubing for 3 hours and stopped for supper and couldn't get it started again. After getting it home I checked the lower unit and drained it but to my surprise no oil drained out. I have filled it and checked the fuel pump. It pumps fuel when cranking over. It has spark at no. 1 cylinder when cranking. It appears to have a key in the flywheel keyway and when sticking a small screwdriver down the keyway it hits what I guess is the key. Even with a spray of quick start it does not want to fire. Maybe the key is sheared?? Not sure what else it could be but I welcome any suggestions!! Thanks 
I also added a telltale and had put a new impeller in. It pumped water good the whole time it was running.

I also added a telltale and had put a new impeller in. It pumped water good the whole time it was running.
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