Power steering and motor boggs down and hesitates when in gear

[udm328is]

OK, got the 5.0 started and runs well in nutral, took out on water first time today and once you throttle up she just goes to hell and the stalls and have to keep restarting. I suspect the fuel water separator and will replace that tomorrow. I also added power steering fluid to my very empty resevoir and after taking her out today resevoir was empty bilge was not. Where do I start there. And as for hesitation, do you agree probable the filter?

Thanks,
Eric

PS
Happy Memorial Day!