Re: 1975 70hp johnson
it's dropping a cylinder, all right.
All three coils went bad at once? That is really bad luck.
1. First thing to do is observe as someone advances the throttle to full...does the timer base move smoothly without sticking, all the way to its stop?
2. Then take off the airbox cover and make sure that all the throttle valves are closed at idle, parallel throughout their range of motion, and perfectly horizontal (not beyond) at WOT.
3. Make sure all three choke valves stay open unless the choke is engaged.
4. Make sure the spark plugs are champion QL77JC4 in good condition, gapped at .030
5. Compression test. no matter what else you do, it'll never run right with bad compression. Report your results.
6. Spark test (not a "spark plug" test). get an inline spark tester (couple bucks at autozone), set the gap for 7/16", clip it to the engine block, attach the plug leads (one at a time) and look for a strong blue spark while cranking. If it can't jump a half-inch gap in the open air without a spark plug, it's not firing in the hole under heat & compression. (Just because the coils are new doesn't mean you got spark.)
7. Unless by "rebuilt the carbs" you meant "Removed, disassembled, soaked overnight in carb cleaner, blew out all passages with compressed air (or aerosol carb cleaner), reassembled with new carb kits, followed by a link & sync, you aren't finished with the carbs.
Follow these steps you will find the cause of your problem.