If you have cracks in the line and that is not only the line to the engine but the fuel lines in the engine, then surely the pump will be sucking in air rather than fuel and that should show up as reduced WOT RPMs. Fuel external to the fuel lines anywhere can be a clue that the lines have deteriorated and developed holes or cracks. Pumping the bulb up hard and moving fuel lines around is an easy way to find this.
I had black specks of fuel line in my carbs on a 2002 90 hp in 2012 (at 10 years of age) having been operated on ethanol the whole time, by me. I also have a 2002 115 that I bought last year operated only on gasoline with Mercury's #1 fuel conditioner that a swab run up in the lines came out clean indicating no deterioration over a longer period of time, and no fuel residue on any of the hoses.
Air in the fuel line can exit the carburetor venturi port if the fuel in the bowl drops low enough to allow the needle valve in the carb to unseat and the check valve in the squeeze bulb isn't seating properly. This manifested itself in the rig I bought with the 115. The squeeze bulb/fuel line was old so I immediately bought a new EPA approved Mercury/Quicksilver 3' 5/16" fuel line and oval bulb (in a package)....not the diamond shaped OEM bulb of yesteryear.....that worked!!!!
I have a built in tank in the boat and upon wanting to start the engine, I had to squeeze the bulb a couple of dozen times to get it firm. I cut the line and installed an aluminum after market check valve between the bulb and the tank and wala.....first squeeze bulb was like it is when the engine is running....soft, and 3-4 squeezes and it was firm. The point here is that had the check valve in the bulb been working properly I wouldn't have had what I had. So if relying on the bulb check valve for something, I wouldn't.
On replacing the lines, great idea. Lot of blabbing here but it covers my experiences with things of which you may be considering.