There's only one company making scanners for Mercruiser engines. That's Rinda. You basically get the choice of Tech-mate code scanner or Diacom diagnostic software (runs on a laptop)... For me, the cost difference between the 2 meant the software was the easy choice. The Tech-mate reads fault codes set by the ECU. The software allows you to see sensor data, in real time. It also allows you to record sessions, and share the files with people who have the software, so they can play it back and look at the same data you were looking at....
You'll hear people also talking about a Merc app called Vessel-view. Not sure if it'll work with a 20 year old ECU though.
Chris.....