Dan this motor on a stand or pallet ? It's in the boat....
I just re-read the whole post, This motor is sounding more and more like a cluster f. It is!!!!
Rap the carb on the fuel inlet fitting, with the back of a hammer. The wood end not on the fuel line the fitting. Or tap the top half of the carb.
That dislodge the float. But me i like to take the carb off and rebuild it takes less time fiddling with a carb thats acting up.
The timing is a different story and the valve issue.
This motor would be sitting on a pallet if i was messing with it.
Water issue alone would make me want to drain the block and turn it over to see whats with the main bearings, oil pump, pushrods, wristpins in short everything on the bottom end is good. I did have the motor out. replaced all cam shaft bearings and inner seals-pushrods are fine and oil pump is pumping. wrist pins, and pistons all looked good. Remember this engine once installed only had 1 day outing!!!!! thats it. Then I winterized and put away for the winter. problem was all of the water had not drained out which seized the block. Thats why I took apart last summer, had machine shop polish the internals, they put the seals in. then I put it back together. Only thing I had not replaced were the lifters because they looked fine. they were not marred or rusted or anything. I figure just a couple must have been messed up from the water. I also changed the exhaust manifolds prior to starting up this summer.
I mean you say you went thru everything, i keep reading and reading the thread over and over i can't get my head around this.
Me this motor would have been running ,timed ,and purring as well as i could get it on land. The motor ran fine prior to replacing the lifters.....so I am thinking it must be a distributor mess up on my part. Even thought I double checked the wiring. And I double checked that #1 was in top dead center and the dist was pointing at number 1, and the cap was turned and set at the #1 plug wire.
It should idle in the water, in gear worm 600-700. That means maybe 800-850 on land. You will loose 150 rpm's at least on the water, then fine tune final idle as started above.
So we want idle on land 800-850 no popping backfiring.
The plugs have to be looked at.
Inside of the plugs look fine, not even much carbon due to the low run time. My friend says to bring it to his shop and he will have a mechanic check the firing order etc. I will take it there Saturday am. So, thanks for taking the time to help trouble shoot I dooo sooooo appreciate it.
Good luck ! I know this was a long post but we have to set a goal.