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I've unplugged the wire an it did not change it runs smooth an strong out of the water but just don't want to get up an go in the waterI'm assuming 3L engine? 3L engines of that era were available with conventional, Delco EST & I believe Mercruiser digital ignition. Which do you have? Serial number of ENGINE, not of transom plate or outdrive.
You mention CAP & ROTOR but not points & condenser so I assume Delco EST. Are you getting spark advance? Is the shift interruptor circuit activated when it should not be?