Here is something it could be. I had that exact same thing happen many years ago. My tank ended up being the issue and this is how we found out.not specifically because the 12 gallon tank is full right now...BUT the motor starts and idles perfect... and when I take off initially with the boat and can get up to 30 mph and run about 4500 or more rpms for almost 1 minute...THEN the surging starts.... would the water in the tank PREVENT that?
What the the sound sound like. I’m experiencing the same issue on my 93 Evinrude 60hp. I’m pretty sure I got junk in my carbs as my plugs are dry. My compression on each cylinder is 115,115, and 115. Spark jumps the gap perfectly and timing checks out. Replaced the fuel pump and it seemed to be doing better out the gate then it just dropped. I cruise at 5500 rpm’s and 34 mph in the boat and then it just drops down to 4,000-4500 and 25 mph. No rattle or clank etc.I would put a timing light or spark tester on each cylinder at rpm to confirm you’re not dropping a cylinder.
Drops have a very distinct sound, that I’m not hearing, but it would rule out electronics as a cause.
Being repeatable, cyclic in nature, and tied to a specific time and rpm, the problem shouldn’t be too hard to find.
OEM?...and installed an inline filter).