To All:
Thank you for all of your responses! To answer your questions:
The heads were rebuilt not replaced. If there is an indicator or mark on the heads I can check please let me know. The engine was rebuilt in the 80's so it is possible they are not original but I believe they are the same. I had the heads rebuilt about 6-7 years ago. The engines use 4 quarts of oil every 8 hours.
The distributors were rebuilt last year and when I advance them manually under max throttle I still can not get any more than 3100 RPM's so I would tend to think it is not timing.
Regarding the timing you said there is a mark for "L" and "R" Am I actually looking for the letter on the flywheel? There are a few dimples, drill holes and or marks which are confusing me. I thought the drill holes might be to weight balance. Sould I be looking for a letter?
The props were reconditioned this year while the boat was hauled for dry dock. They are actually 15" when the original called for 16". I had them pitched anyway to get more RPM's and will see what happens when we relaunch in a few weeks. Also this boat has not been out of the water for more than a few days in 15 years. This is the 1st time the boat has been dry docked for the winter.
I noticed both Carbs were connected to the fuel pump via 1/4" copper tubing and a flare fitting. (The original was a compresion fitting). It was always slightly kinked and I replaced it with hose barb and gasoline hose last week. Maybe it is not getting enough fuel.
There are three filters on each engine and I will replace the 2 external filters. The 3rd is the hard filter in the carb which was replaced last summer when I had them rebuilt. I do not believe the jets were changed. My dad owned the boat since 1987 and it never ran over 3300 RPM's.
I also noticed in the manual link you sent that the manifold was tilted where the carburator sits. My manifold is flat. Could this be a problem?
I also changed the alternators this winter that were shot. Is it possible the spark was not hot enough with very weak alternators?