Re: help finding modle #
Well, it's hard to tell from your picture.
But if I had to guess, would say it's the ESA module.
In 1988, there were 4 models (Bridar indicated above) . ALL of them used the alternator in the pic below.
#24 is the voltage regulator
It's a pretty standard alternator. The alternator that came off my previously installed 1987 460 King Cobra, fits on my 1997 Mercruiser 454.
It's also possible that if it's original, it could be a 1987 model too (boat builders frequently do this) In that case, the OMC part number for the alt might be different but either one would probably work. (87 was a Motorola or equiv alternator)
Oh,
There's no reason you couldn't put a spring loaded center-off double-pole, double throw switch anywhere you wanted to put it and it would still work.
It's just that it's FAR easier to use with the throttle hand since it should be readjusted every time you move the throttle.
That regulator by the way is OMC #985713
http://www.sterndrive.info/voltage_regulators.html you can buy it in a variety of places on the net, ebay etc.....
I would just replace the alternator though assuming it's really "bad".