Re: Motor idles fine but no power...
Looking for fuel leaks is one thing, but there's no point guessing at stuff like "loose hi-speed jet"...you can spend days checking on one random occurance after another without ever accomplishing anything. A methodical troubleshooting approach will get you there -- that's my opinion anyway.
There's no adjusting the choke, it's closed during cold starts, and open otherwise.
There is a simple procedure for disabling the "automatic" feature of the choke, so you can use it when needed. I don't know it though, I read it on this forum -- try the search feature.
Bogging like you described (even with the choke turned off) is a classic symptom of dirty carbs, but there are other possible causes (spark and compression for example).
Usually, slow to plane but you can nurse it up to full throttle, sounds to me like it needs a link & sync. For the full step by step you'd need a service manual (factory shop manual is your best bet, available at marineengine.com and outboardbooks.com) but in the meantime, see the photo below (later model than yours, but the important parts are all there); the cam needs to hit the roller right on the mark.
In your case though I would check to see if I had the right main jets. Follow the "carb cleaning and rebuilding" link from the "top secret file" at the top of this forum. There's instructions on fabricating a jet removal tool -- don't try using a regular screwdriver on 'em, too much chance of ruining it by marring the surface.
The main jet is behind the carb bowl drain screw. Look for the size stamped on the jet -- OEM size for sea level operation is 61D. I don't know what you'd need at 5500, maybe you can get some local advice, or somebody here on iboats will know.
If all of the above checks out, you'll want to rebuild the carbs, with new kits.