Re: Mercruiser 5.7 won't start
looking at my motor which is close to the same thing, the ignition system (thunderbolt IV) is pretty simple. you got an ignition module bolted to the the port side riser somewhere, there's a hall sensor in the distributor and you got your momentary kill switch on the gear shift cable assembly.
i may be totally talking out of my *** because i've never fault traced the mercruiser ignition system but common sense would tell me to check the coil for 12v first, if it doesn't have power with the key on, fix it. next i'd check the kill switch, if it's stuck you ain't getting spark. then if the kill switch is ok i'd be looking at the ignition module, distributor hall sensor and wiring.
in my many years of working on cars i've only seen a couple of no-spark situations caused by the coil (barrel style coil i mean) yet that is the first thing everybody tries replacing. in a marine environment you are more likely to have a shorted coil from corrosion and such but it almost never happens with a car.
anyway, since you said you've tried a coil, we know it's not that. check for power at the coil and then check the kill switch, report back.