Re: 1977 Johnson 115 HP will not WOT
The gray wire needs to be connected to the terminal block at the engine, and the rectifier has to work or the tachometer will not work. Be very careful not to let stray voltage ride the gray wire or it will cook the rectifier.
Notice in the diagram that 6 and 7 are bridged. The signal comes from that union of the alternator and rectifier wires so they need to be connected as shown.
BTW, there is no "rpm setting" on a universal outboard tachometer, just a dial that needs to be turned to 6p.