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If I am not mistaken you can re-hub a wheel so get the stainless one back. If the pencil was in the rubber hub there must be quite a story involved!

The 3/4 advance before any action seems mighty suspicious as a rigging problem…

Have you checked the link and sync on the engine? When you advance the throttle cable how much movement on the throttle and timing arms do you get? Will they make the stops at WOT?

Check your manual for the steps to verify link and sync, if you don’t have a book, Clams Canino in the Mercury Engine Forum on iboats (my apologies) did a great post on "timing and sync of Merc inlines (to 1988)" that might be helpful. Different motor but trouble shooting steps should help..

1000 pardons if I have blasphemed..

Dave