Re: overcharging
I have a 1988 black max. I'm amazed at how Mercury can make such an expensive motor with a sophomoric electrical system on it.
The current is limited to about 16 amps by the design of the stator. If it will put out 12 volts at idle, it will put out about 70 volts at WOT. (with no load on it) It is rectified by a cheap Mexican bridge rectifier, and dumped into the battery. The charging draw of the battery controls the voltage, depending on battery characteristics, but usually about 13.5 - 14 volts. After the battery is fully charged, the excess current just electrolyzes the water in the battery, using the water and creating lots of hydrogen and oxygen in a perfectly explosive mixture.
If you start and stop/trim the engine often, the battery never gets overcharged. If you run for awhile, and often, you will eventually fry your battery, and thus see the high voltage. If you really fry your battery, you will then fry something expensive, like ignition components, or your depth finder.
Change it out for the regulator, and all will be fine.
The "regulator" dumps the extra current into ground after full charge voltage is reached to save the battery.
The permanent magnet alternator is different than an automotive alternator in that the "field" is fully charged all the time by the magnets. In an automotive alternator the regulator adjusts the field current, and thus adjusts the output of the alternator at the source. The Mercury alternator puts out all it can all the time, limited only by the magnetic flux concentrated by the iron laminations, and engine speed.
hope it helps.
John