Scott.....here is the thing...you have to know whether it was BTDC or ATDC. That motor should idle at or around 4* ATDC. If you have to advance it to 5* BTDC to get it to idle, then something is way wrong. That is a nine degree difference.
That is why I am hung up on this detail. (Details, by the way, make or break a good marine mechanic.)
Uh......you pros out there....I could very well be wrong about the idle timing spec. for that '79 140. This is from memory and some experience. So be sure to correct me if I mis-speak about that 4* idle timing number.
If you were at 2* ATDC and had to go to 5* ATDC....well that's the wrong way....you are retarding the timing and making the problem worse.
If you were at 2* ATDC and had to go to 5* BTDC...well that is seven degrees advanced...and is not right.
If you were at 2*BTDC and went to 5* BTDC...well that is three more degrees advanced, but still way off spec.
See why I want to know the detail?
Last motor I had that would not idle...no matter what I did....I had to set the idle timing to 6* BTDC. It had good compression....110s on all three, spark was in the 7/16 gap jump spec, carbs were spotless.....I checked it all.
What was wrong? The engine was worn out. It was not producing enough crankcase compression to get a good shot of fuel into the cyls.
The bottom of the bores was 0.025 inches oversize, with std pistons in it, and it just couldn't run. It had a real nice ridge at the top of the cylinders, too.
Looked like someone had been puffing BonAmi into the engine thru the carbs....(joke).
Rebuilt the engine...bored 0.030 over, compression still in the 110s, BUT...it idles at 6*ATDC now, where it should be, and starts like a dream.
OK....so if you are at 5*BTDC...possible the engine is seriously worn internally.