Re: Compression test with no kill switch
You have the same year model Merc I do, just quite a few more horses.

The newer Mercs have posts on the back of the engine block that you can plug your plug wires into. They basically look like the business end of a spark plug sticking out of the engine block. Mine does not have those but yours might. Look for those. If you have them you can plug your plug wires onto those to ground them to the block.
If you don't have those then you'll need to come up with another way. I bought several large alligator clips. You can create a lead for each cylinder that has such a clip on each end. One end would clip to the threads of the plug and the other end would clip somewhere to the engine block. I'll be building them soon to do compression testing and timing.
I'm surprised you don't have a kill switch. I would think it would be a bit more like mine being the same year model and all. I'm afraid I can't answer that part of your question...