Some things to consider checking over!
Will the engine reach 160+ degrees? as it should.
How did you set (phase in) the distributor in place as there is a procedure or two to make it right...,
https://manualzz.com/doc/23430314/service-bulletin---marinemechanic.com
The cap is not loose or the distributor base is not cracked where the cap bolts down to anywhere.... Rotor is not cricket.
Didn't miss a black ground wire during reinstallation such as a small one from the wiring harness (ECM) to the rear engine.
Fuel return line between pump/regulator to fuel filter base is not kinked as a blocked fuel regulator could cause a rich condition such as the screen under the regulator being contaminated.
Make sure the fuel pressure damper appears in good condition on top of the fuel rail, item number 13,
https://www.mercruiserparts.com/bam/subassembly/31747/7585/90
Yours shouldn't have an inline fuel booster pump mounted near the fuel filter base assembly that might cause an odd issue.
Fuel Filter And Boost Pump(S/N 0M336102 And Up)
www.mercruiserparts.com
The following is some fuel pump studding for you if desired,
https://www.crowleymarine.com/sb/2/10858
350 MAG MPI ALPHA/BRAVO - 0M300000 THRU 0M599999
www.mercruiserparts.com