UPDATE: So I decided to take it to a local marina and have it checked. After 3 days I picked to boat and they told me that all it needed was a linkage adjustment. Compression was okay and that It should be just fine. I left happy and eager to take it to the lake. That weekend I took it to the lake, get it set. then I crank it. 1 time, 2 3 ...10 times!! Back fires, spits. Nothing. I took me 10 minutes to get it started. But the back fires gave me a clue. Timing. I did notice that they adjust the Idle adjustment screws good 4mm in. almost all the way in. My lake visit sucked.
So I decided to take things into my own hands. I order t timing light from ebay and got to work. I removed the fuel line, spark plugs, ground the wires, release the throttle link. First I checked for the maximum timing at crank speed at WOT. Lucky I got reading of 21 deg.BTDC (my motor decal show this should be the setting), which let me know that I was doing things right. Next I checked for idle timing which according to the decal on the motor it should be 0 -9 deg. ATDC. When I cranked the motor there I could not even make a number out of the reading. I decided to set the screw half way. I cranked the engine again a now I got 10 deg ATDC; the setting was way off!. I decided to set it half way to 6 deg. ATDC. Connected everything back and... Wow! it started within the 1 second. I found that the Idle speed was a little slow so I adjusted the screw slowly until i got a satisfactory speed. I tried it over and over and it started nicely every time. yeah! BTW I also did a Carb sync which was 2 mm offset.
Now, I still feel like the idle speed is a little rough, it shakes a little, but now bad. I did notice something and I need you help on this one...
I had never paid attention to the fuel filter when engine is running. I have a clear in-line filter and I notice that when the engine is idling the filter is not fully full. The pump is like spitting the gas into the filter; not fully full and it forms some sort of vortex. Is this the way is should be? Just is case I order a replacement kit for the fuel pump. Also I'm going to check if the the engine idles better if I play around with the carb needles a bit. I'll keep you guys posted.