You got to do the basics first:
compression and cylinder leakdown test
check camshaft timing, chain maybe worn out and jumped.

wrote in message
oups.com...
Hello,

I have an '88 Supra with a PCM Ford 351-Windsor engine.

I've been having problems with the engine in my boat for a few years.
For the first 20-30 minutes in the water, the thing runs like doo-doo.
It spits & sputters and barely gets on plane. After a while, the
engine gradually smoothes out. Eventually, the thing runs fine. I've
tried many things, including replacing the coil, replacing the points
with an electronic unit, replacing the fuel filter, and checking the
fuel pump.

I tried starting the boat for the first time since November. Now it
won't start at all. Instead, fluid is being spit out of the carb.
Also, while cranking, smoke (exhaust?) is coming out of the exhaust.
Occasionally it tries to fire up, but just spits a lot of fluid (gas?)
out.

Does anyone have any ideas what's wrong?

Thanks,

Donald