Mid 80's Mercury 7.5 runs fine then goes to low RPM then dies

[RichardB25]

Hey guys, this is my first post so be gentle....but I have a mid 80's model Mercury 7.5, right when I get it on the water it cranks up fine, and runs fine for about 3 minutes or so while Im getting to the fishing whole, but then the motor just drops to low rpms for a couple minutes and then dies. After the motor sits for a while, it will crank up fine. I dont think that it is flooding out because fuel isnt coming out of the overflow hole in the front of the carb. It almost seems as if it is overheating somehow, but the water pump is working (although the stream coming out of the pee hole is kind of erratic). Any help would be much appreciated. I would like to get this one running before I go buying a new one. Thanks!