Mine was all carbeuration. (sp) Just food for thought. Timing was spot on. At high RPM, with compression, makes sense. Funny thing with mine was, one of the carbs ran the boat better than two. Same carbs! ran one for awhile, then the other. Together on a new T/R, lean, go figure. Didn't have the extreme of the spark plugs, but did hear popping (Actually, Flytime heard it too while in the boat).
Good luck with yours!
Ray