Quick update . . .
I pulled the Mercury back to my house and began to disassemble the ignition system. It probably will take a week or 2 to go through everything and make it all good.
As a stop-gap measure, I picked up this 6 HP Evinrude to use while the Merc is 'under the knife'. Some guy had it in his basement; I tested the compression (60 psi - a bit low), and the spark . . . (very good spark). Cash on the table and brought it home.

The model # (6804B) maps to a 1978 model, but the cowling seems to have 1977 decals. E'rude/Johnny experts, please feel free to chime in.
Anyway, a couple squirts of starting fluid and it got going and could maintain a heart-beat on its own. I ran an intoxicating dose of fuel system cleaner and then did the Seafoam thing through the carburetor . . . The test tank filled with carbon and the motor smoothed out.
Anyway . . . I'll put this on the dinghy this weekend and see how it does in real-world conditions.