Re: 1986 mercury 20 hp
Hi,
Your power pack should be ok.
You may have a chipped reed valve. You can remove your carb and look at the reeds to see if one is chipped or split. About the only other thing would be a bad exhaust plate gasket. They did change the gasket material and it was not much of a problem in later years, but yours could be bad. Look for water on your spark plug.
A bad reed valve can sometimes be seen by a washed or wet looking spark plug. Wet with fuel not water.