Re: boat wants to burn out
I had a similar thing happen to my previous boat. (A 1966 Mark Twain, 150 Mercruiser ....{dad bought it new})
I was running around the lake and it appeared to "slip" a couple of times at high speeds.
The next week went back to the lake and when I put it in gear, it made a slight "zzz" sound and acted like it was out of gear (whilst in-gear)
The engine coupler is bolted to the flywheel on the crankshaft. It's basically a rubber "dough-nut" with an aluminum splined hole in the center that the steel drive shaft "yoke" to the drive slides into. If the engine is not properly aligned (or the coupler is 39 years old like mine was) the aluminum splines wear out.
When I pulled the engine it looked like someone had put the coupler on a drill press and drilled out the splines!! They were gone! mis-alignment will cause it directly in relation to how mis-aligned it is. (the more mis-aligned, the faster you destroy the coupler)
For this reason (and a few others), Mercury suggests checking the alignment every 100hr or once a year. (which ever is sooner)
Your discription sounds a LOT like that. It's very common. You need to pull the drive and have a close look at the bellows, U-joints, and splines. You'll need to flashlight and you may not even be able to see all that well into the coupler.
If the coupler has indeed failed, the engine has to come out to replace it.
Cheers,
Rick