88 50hp merc no power at wot!

[nowakezone]

On this older merc I changed the bottom carb (it was cracked) check the spark and it has great spark, lots of compression but on the plugs the bottom plug is washed clean and if i swap plugs(with a plugs that is buring good then it becomes washed clean.

now if you put the water hose to it, it takes forever to pick up rpm and there is also white oily water that is being pumped out.

any halp would be appreicated thanks!