Re: #2 cylinder problem on 1978 70 hp
I just went through very much the same problem, and found I had problems if I didn't approach things methodically and logically. You need spark, compression, and fuel (but not too much fuel!)
First off: what does the #2 plug look like? Wet/black -- cylinder is getting fuel but not firing or firing very weakly; Dry and gray/white -- cylinder is starved for fuel.
So, you start with spark, which you have done (read the first post people -- he already did the timing light!). If plug is wet, you should make sure you continue to get good spark when the motor is hot, b/c coils sometimes flake out when hot. However, if you know the cylinder is failing despite good spark, move on.
Now you're down to compression or fuel. Compression is easy to check, as Sandhammaren05 suggested, so do that first. Bad compression in that cyl means most of your easy solutions are out. :-(
If compression is good, then that cylinder is either getting too much fuel or too little, and the plug should tell you that. My problem was a flooded cylinder due to gunk in the carb float valve.
AFTER you get an idea of what you think it is, try to swap ONLY THAT PART with another cylinder, and see if the problem follows the part. Unfortunately, you can't swap that carb, but if you suspect weak spark you can swap a coil with another cylinder (making sure you switch both the plug wires and the leads connecting coil to powerpack; don't want #2 firing when #1 is supposed to!) One of my problems was not following this advice and assuming that a wet plug meant a spark problem, so I changed the coil unnecessarily before doing the switch test.
Good luck, and let us know what that plug looks like!