I checked the coil wire with at timing light. Sparking like crazy. Checked other wires and everything seems fine, just seems the timing is off.
Since your looking for another component that could affect spark, than you may or may not (50/50 chance) have a CAM Shaft Sensor connected/plugged in mounted under the distributor cap. Check to see if a wiring harness connector is plugged in or not and be sure the harness isn't laying off to the side someplace due to some engine models used the CAM sensor while some did not for your engine year time frame. The parts diagram seems to be saying yours is not used but you don't really know until you have a good look around. Item number 6,
http://www.mercruiserparts.com/bam/s...31404/12844/40
I call the place where I got the replacement ECM and the only advice they offered was to send the ECM back. Got lucky with them accepting a return, I would hate to buy another one and have the same issue. How hard would it be to convert motor back to carb? Biggest concern would be getting the gauges to work.
If I read correctly above, you bought a new ECM, and things seemed to be better as more items came alive. How come you wanted to return it if it seemed to help with something?

Are you having it retested? Was the old one full of water?
The rev counter should be the tachometer (RPM) gauge. Should it be internally shorted out, it could keep the engine from starting. As part of an ignition test, one of the first things to try is disconnecting the Gray wire behind the gauge as that should be the easiest way to disconnect the Tachometer signal wire running between the gauge and ignition coil especially on your coil design.
You never answered post number 2 if the Tachometer gauge moves up to around 350 RPM when cranking over the engine?.. The more info from you might help us trigger a thought to try elsewhere.
Since you know the coil has spark, now use the timing light on all 8 plug wires to see if the flashes seem consistent as the engine rotates over via the ignition switch key.
While starting fluid is frowned upon here on iboats due to potential damage it may cause, Using just a little bit or better yet, using a little bit of fuel down the throttle body is sometimes a quick way to know if you need to concentrate on, the 12 and 5 volt power systems as you seemed to indicate possible issues with the relays and fuses at the beginning, Or a fuel injector problem whether it be power or fuel flow issues.
Edit: Somehow I missed post number 16 while texting out this post. Looks like 8 new injector are in order. Don't convert to carburation, you should almost be ready to go soon.