Re: 29 volts at choke?
i think you need to re-check your measurements . a quick test is to put the meter on the battery and record voltage, start engine ,rpm to 1500 ,record voltage, should be higher.Using a meter on AC your checking for AC ripple aka :bad diodes.
bad diodes will also cause a drain condition .with everything turned off in the boat(stereo, amps, etc) remove the positive battery cable and
using the DC current scale ,see if there is a discharge with the neg lead to the battery pos. and the pos meter lead to the battery cable.