Re: bad rectifier, 86 merc 60HP
Ah ha! I missed the part about losing the key and 're-wiring'.
These ignitions used the black wire with the small yellow stripe as the engine KILL, the ignition switch GROUNDS this wire to kill the spark.
Putting ANY power TO this wire will damage the ignition module.
If you haven't already, get a NEW ignition switch, take the old one with you to be sure you get the right one.
If this does not correct everything then test spark on each cyl, chances are you may need to replace the ignition module, however, test the triggers and stator following the detailed steps found in the FREE downloadable Ignition Troubleshooting Guide from CDIElectronics.com
Since there is NO RETURN on electrical parts so you want to be sure you test twice and order only once.