Re: 78 115 mercury outboard won't idle, could it be an elevation problem?
I third that.
If you have the wrong main jets in it, (and you would by about .004" too rich) and adjust the idle for smooth idle, you can expect a perfectly normal engine to bog like heck at mid range. The problem is that of balanced adjustments.
The 52 lb compression is BS. That fact that it is dead even across all cylinders is a good sign. For all cylinders to be evenly low and that to indicate a crankcase leak is pure BS. Run away from that "mechanic" at full throttle.
You need to install the right carb jets. Be sure you use new base gaskets on them if you have to pull them off. You should go through the linkage and timing adjustment also just to be sure it's on the money before you adjust things.
Put it on the water, adjust your idle, get the right prop on it, and go like a bat out of he@@.