I had the same problem with a 1968 Merc 1000. I thought I was adjusting the carbs wrong, but it turned out to be a compression problem. Here is the procedure I used to find the problem. First, I spent days trying to adjust the carbs. The engine would run great until I put it in the water and I would have the same problem. I eventually noticed that if I adjusted the bottom carb (of 3), nothing would happen? If I adjusted either of the top 2, I could make the engine die or start running rough. So I spent a bunch of time trying to adjust the bottom carb, but it would just do nothing. I decided to tear the engine apart and while I was cleaning it, I noticed a hole on the side of the block!! It looked like a bullet hole? Once I noticed that, I went down to O'Reily's and borrowed a compression tester. Sure enough, there was almost no compression in the bottom 2 cylinders. Ouch. I think he top 4 cylinders would keep the engine running when it was out of the water, but as soon as I put a load on the engine it would bog down and die. Go borrow a compression tester from your local O'Reilys and make sure you have compression on all 6 cylinders before you keep trying to adjust the carbs.