If there's one thing you need to do first and foremost is to install a clear fuel filter between the fuel pump output and the carb's input. This is a less than $5 mod using the G2 fuel filter from W-mart. The filter comes with the hose clamps already so it is only a matter of cutting the already existing fuel hose and installing the filter.
Then after, test the motor in the water again but this time with the cowling cover off. Watch the clear fuel filter and it should at least stay full or 3/4 full at all times. At WOT and the fuel filter empties, it means there is problem upstream of the filter, i.e. fuel pump, air leaks in the fuel lines, bad primer bulb check valves, closed fuel tank vent or restricted fuel pick up tube.
If the fuel filter stays at least 3/4 full at WOT, then the problem is the carburetors, i.e. improperly set floats, restricted needle ports, binding in the floats, etc.