After some health issues, I am back into rebuilding my Old Sea Ray. I have port running great. Starboard is having issues. 1: I cannot get performance. It feels like it is in timing and will not advance (correctly). I disconnected lead and grounding it, but distributor still advances on dampener tab when I advance throttle. This doesn't seem to be correct. There should be NO advance. My oil pressure and temperature switch triggers alarm but senders display normal temperature and oil pressure on gauges. My heat exchanger (radiator) cap permits water to seep out. Not a lot and it is intermittent. However, does the heat exchanger require a special cap? I just used a new Chevy V8 auto cap. Attached is heat exchange cap photo.
Double check that you are grounding the purple white wire before starting engine?
I think this is correct but I would need to double check a factory merc manual -https://www.justanswer.com/boat/9vkpv-set-timing-5-7-mercruiser-thunderbolt.html
another way around it is even with an issue going into base mode what total advance does it have at like 3000 rpm if you are up in the 28 or so degrees range that would likely not be an issue for down on power. You say it is advancing, usually when you see folks down on power it is isn't advancing beyond initial timing much
Would also verify firing order and cap rotor condition. What do plugs look like?
What engine and serial number are you working on ? That would make a slight diff in total advance as for example the 4.3 uses less total advance than a 5.7.