Shrom,
knowing that the transom was recently replaced on that one, and the fact that service records show that the boat was always an "at whatever cost" example, I think that the bellows may have been replaced at some point, but may have been damaged or improperly installed along the way. Not that it matters now... Anyway, if you want to replace the bellows I'd be happy to come over and offer a hand, and as far as the motor, if you want to get it out again this year, I'll go out with ya, we'll run it hard for a while and then check the plugs. White is lean, black/wet is rich, and tan will leave us looking at ignition condition, timing, etc... But, nothing beats a pair of ears hanging over the transom listening to it all through the rpm's... But, if you regain power when you lift off the throttle, you are closing the air off and increasing the fuel ratio, leading me to believe that it could be a fuel delivery problem, but, not necessarily. If it blows black smoke under a load, then it's rich... Let's get it out and play!