I am a bit late coming into this thread but from what I've read, it hasn't been ruled out that this is not a spark problem. Am I right?
I own and have maintained an identical engine (a '75 Johnson 115) for 40 years. I have diagnosed and corrected all sorts of problems over the years.
If spark problems have not been ruled out, it is not worthwhile to speculate on what may be causing problems on the fuel side. In my experience, problems on the spark side are much more likely than problems on the fuel side. If the motor starts and runs, it is getting fuel so I think a problem on the fuel side is unlikely.
If the motor starts and idles but doesn't have any power at high/full throttle, it sounds to me most likely that you've lost spark on 1 or 2 cylinders. Note that a spark plug with a cracked insulator can spark normally at idle but will ark through the crack under load. I have seen that happen before, although admittedly it was on my car.
If you can only make about 4500 rpm at WOT when you could normally make 5500 rpm, you might very well have no spark on 1 of the cylinders.
To find which one, unplug each of the spark plug leads one at a time and try starting and running the engine. If you disconnect a working cylinder, the engine will run much worse. Rule that one out. If you disconnect the one with the problem, it won't make any difference unless you have a situation where the plug is working ok when not under load but doesn't when under load.