We have a Mercury Marine 30 hp outboard that was run with low oil level. The buzzer apparently sounded but was ignored. The water pump impeller chose that moment to shed it's vanes and the engine overheated and cut out. On examination I found the wiring harnesses melted but not shorting. The overheat sensor(Wow thats expensive!) had gone short and had blown the 20 amp fuse.I replaced the water pump impeller, the overheat sensor and fuse and repaired the wiring. I checked the bores and did a compression check which was ok. The engine fired up fine and ticked over sweetly. The problem is that it revs up to about 1/3 rd throttle and then rhythmically 'hunts'. It occurs at the same rpm each time and I suspect it could be some sort of rev limiter cutting in rather like a f1 race car sounds in the pit lane. I have changed the plugs and no other adjustments have been done. Any ideas!