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It can't be good for you to run for long periods of time with the choke on, but I don't think that would be considered slow mode.
As I undersrtand it on OMC there is a safety feature that puts the more a little above idel speed when the temp reaches a certain level. Many times this is caused by a clogged water pump and on the OMC if you put it in reverse and back up for several minutes it will clear the clog. This will not work if you have a bad water pump or need impeller replaced.
In SLOW mode the engine won't shut off, it feel's like there is no power (like it's only running on 1 cylinder). I had a bad stat last summer and she locked into "SLOW" mode, water pump was pumping well, no over heat alarm at the box, was not sure what was wrong... "Ioptfm" picked up on the fact that she was running in "slow" mode after my description on w/c, a friend checked the cylinder head with the 1-2-3 finger count method, and said "Ow, she's runnin too hot", replaced stat, still took about 15-20 mins for the engine to auto. reset out of the "slow" mode (unknowingly), then the bow lifted skyward with full power back. The "slow" mode was confusing but, it saved the engine from getting "Toasted".
"slow mode" idle's normally (it will not shut down the engine), everything run's normally except when you apply power from "idle" it bog's down to not much above idle rpm, run's rough, and won't respond to throttle advancement at all. Did you check your fuel pump diaphragm, even a pin hole will cause trouble, start with the simplest "least expensive" solution's first, such as "Sea Foam" and "FRESH" fuel, new plug's, (replace fuel filter if you have one, or leaks near the filter) new fuel line (is the arrow facing away from tank towards the engine on the fuel bulb, I only ask because, I have hooked up wrong in the past) etc. The spring's get tired in old fuel line hook ups and may not depress them all the way fuel starving the motor (this has happened to me too). These are just "Guesses" but, I Hope it helped...
