Now:
Was able to get everything wired up. Compression check shows ~125 on both cylinders and it has a good spark now. Launched it for a water test and I still have a loss of power. I cant get the boat to plane. Boat idles very well in neutral and in gear. Once I am about at half throttle the motor just falls on its face.
History of the boat:
The boat ran like a top when I was running it a month ago when i got it. I fogged the motor to decarb it and replaced a ate up fuel line from tank to motor. The next time I had it in the water it had a loss of power. It ran smooth but lost acceleration and about 6-8 mph on the top end. I noticed the fuel lines under the cowl were deteriorating so i replaced the fuel lines under the hood and the fuel pump. I cleaned the carb as well. No fuel line leaks, primer bulb stays primed. Gas tank is vented. Spark plugs brand new. So i water tested the boat again. Same thing with loss of acceleration and power. After a little while i thought maybe the carb throat cover plate was choking the motor. i pulled it and i was getting the original performance - quick and fast. Dropped my buddy off on the bank to clock the speed and without cutting the motor off i backed off the bank, put it in gear and accelerated. Only for the motor to fall back on its face. Like its stuck and cant plane.