Does it black smoke at idle as soon as it’s in the water under a load? Does the distributor have vacuum advance? If it does unhook it and re check timing. My guess would be that it’s at a different angle in the water and you have a float set too high and it’s dripping from the boosters while at idle on the water. I would get it in the water and double check carb float levels and reset idle speed and mixture on the water
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