Of note, I was not able to replace the rotor. The replacement rotor I bought was slightly different from the original (even though it was the correct part number), so it did not lock in place on the distributor shaft, when the Pertronix magnet ring was in place under it. So, I had to reuse the original rotor.
The rain finally stopped around 3pm Sunday afternoon, so I wheeled the boat out onto the driveway, put the water muffs on and started the engine. It started and ran! The idle speed was around 800 RPM. (one tick below 1000 RPM) I may have misremembered 1000 RPM at idle?
I decreased the idle speed a little, but then the engine was running a little more rough (this with new plugs, new plug wires, new distributor and Pertronix module). I turned it back up to 800 RPM. I did not adjust any carburetor jets.
With the timing light I, saw that the timing was 6-7 degrees BTDC at 800 RPM idle. The 1978 Mercruiser manual says it should be 8 degrees.
I noted that the timing light did not fire with every engine revolution (missing flashes).
I'm not sure if this was a malfunctioning timing light (which I borrowed) or if there was really a missing spark every so often?
The bolt to loosen the distributor module was in a tight spot and I could not get a wrench on it!! So I could not adjust the timing.
How can I loosen that bolt??
I took a movie of the engine running at the 800 RPM idle.
In it, I am questioning whether the engine is running normally?
For reference, the outside temperature is 49 F.
https://docs.google.com/file/d/0B1dmlpYq0PhJbUFhdmE5S05fXzQ/edit?usp=sharing