I did the compression check, the numbers ranged from 130 to 160. Yea, I know, it's too wide of range of numbers for a fresh rebuild. It just doesn't matter anymore.
I changed the distributer cap, coil, rotor, and ignition module. I tested every spark plug wire and they are all testing good. I took the boat to El Cap for another test run. The engine lost the ability to idle at 800 RPM and I had to raise the idle to about 1400 RPM. No change at W.O.T..
On the way back in to the dock at 4,000 RPM marcsrollin and I started hearing a engine knock and looked back and there's what appears to be steam coming out of the valve cover breather. There's an oil "film" or "spray" all over the back of the boat and engine. I got home and pulled the breather out, shined a light into the valvetrain, and I don't see any milk in there. Fired the engine up and there's no knock. It's still got "steam" coming out the breather.