Chased a similar problem around on Pickle. IN the end, Rivertard was kinda right. He said he heard a distinct vacuum leak while in the boat at full throttle. Later, we tried timing, noone else heard the leak............Musta been the 'cow whisperer' in Mike that was the only one to hear it..........

In the end was a combination of problems. First, yeah, serious vacuum leak in the vac secondary bladder housing, as well as the bladder itself pretty much trash. (Explains why it would run balls out after idling a few minutes, but lift? ran like crap and would stall, spit and sputter, etc) That's one.
Second was the vacuum advance on the HEI. I hate HEI BTW on these boats, but it came with it, ran good for soooo long, but, after the carb problems were found, and fixed (By a fresh 850), had issues with the spitting and sputtering again at speed. DONE with the HEI. Put in a Unilte, which I know some hate and I love, been good in the driveway! we'll see what it does on the water!

Ray