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Doug, to follow up on a some things you mentioned (apologies if you know this stuff already):

- as I recall, you are supposed to set the idle speed without the throttle cable connected at all
- the timing rod going up under the flywheel is to the timer base - it's what actually takes the spark trigger off the flywheel magnet
- the idle speed is set by varying the timing only; the throttle setting does not change
- as long as the idle speed is OK, and when you're setting it, the throttle butterflies on all carbs are fully closed, I would not worry about the throttle stop thing
- you don't need to do any setting of timing more than you already have. The manual probably talks about setting the WOT timing, but that should really never need changing unless you rebuild the motor. It's easy to screw up, so leave it alone
- 1200 RPMs on the muffs will probably be between 8 - 900 in the water, in gear. Maybe a whisker high, but better than stalling out.
- DON'T rev the motor more than about 2K on the muffs. You can have a runaway situation (even turning the key off won't help) and damage the motor or get someone hurt

Tim