Re: 1985 150 hp merc/no spark
Start by getting a repair manual. You can find them for sale on this site or on Ebay. The CD versions of repair manuals available on Ebay are really inexpensive.
If you are getting no spark (as your post title implies) there are many possible causes. Too many to describe in this post. The best and cheapest way to solve your spark problem is to test components before replacing any of them on a hunch. A shop manual will describe the various test procedures used to troubleshoot the ignition system. Also, you will need at least an ohmmeter and voltmeter (multimeter) for many of the basic tests. A DVA meter is also needed for certain other ignition related tests, but one may not be necessary if you solve your problem first using the ohmmeter & voltmeter related tests.
After saying all that, you can of course search the internet for troublshooting guides. Here is a link to one example:
http://www.brokeboats.com/ignition.html
The FAQ section also has some guidance:
http://forums.iboats.com/showthread.php?t=158071
Good luck