I have the same problem with my 50 hp Merc on a 88 pontoon. Problem started with an underwater stump. My guess is that a pressure relief got unseated after 20 years of no action and now refuses to re-seat. Engine # 6222927 with hyd unit # 92975A24.

I've had the control valve assy apart several times and can't find the problem.

Hope someone on here can help you. I'll be watching for answer. Maybe someone has an exploded view of valve assy that will help us both.