Thanks. TDC and the 0 mark actually do line up. The picture of the cam position had thrown me off but I have since checked that the piston is indeed at the top. I was trying to follow Jerry's advice. The first thing I could do was check the spark plugs because I was going to have to borrow the tools to do the other. Problem is, after checking an re-installing the plugs I went from a boat that started as soon as you touched the key to a boat that was backfiring when you tried to start it. I did loosen the distributor bolt but didn't move it and you can clearly see where it was because there are marks from where the washer was pressed against metal. I'm not sure why anything I did would cause it to do that but I couldn't really check the timing after that. I have purchased NGK plugs to replace the Champions that everyone hates. I still need to get tools to check the rest.
I meant to mention this in the first post...Outside of the 2 mystery stalls the boat has been running well for the last two years after replacing almost everything that's connected to the motor - points, plugs, wires, coil, fuel pump, rebuilt carb, etc. The only thing that seemed a little off to me was that I thought it was idling a little high and the carb adjustments were nowhere near what were called for in the book. I could only turn the idle screw in about 1/4 of a turn and the mix screw out about 1/4 turn. They call for 1 - 1 1/4 turns if I'm reading the book correctly. I'm not even sure it that would be a symptom of off timing but I never had a gun to check. Guess I should have start there before messing with anything else but I got a little anxious to get it going. Figured if I could tell a difference just by tinkering with it then I would at least know if it was bad timing or not....then I could fine tune it with the gun.