Re: Motor slows down then speeds up
I had an '85 Mercury 50hp that did something very similar. I was told to make sure the carbs were clean and to make sure the water was properly circulating from the pump/impellor. The carb(s) are generally more likely to create this, as gummed up or dirty carbs may cause an irregularity in fuel flow. If youre control arm is set at WOT with a dirty carb, the lever might be up but the carb didnt open all the way, causing the fuel system to be somewhat starved with an improper fuel intake. Does that make sense? Think of it like this... Run a household fan on its highest setting, but line the back of the blade guard with plastic grocery bags. You set the dial, the motor is responding, but there is a restriction coming from somewhere. Thats how I understood it.
Another possibility would be the fuel line itself. Slim chance, less likely to be the cause, but what about a slight crack or pinhole in the airline? Check them out to make sure the lines are solid and the connections are good. If the line is sucking air in, you might have less gas going in than what you think. Hope this helps, and if not....well, I hope someone else can give you some other options. Good luck!