******UPDATE******It turned out being the ignition control module.***************************
After about 20 minutes of towing tubers around, we killed the engine to switch riders. When I went to start it again, it wouldn't start. I pulled the cover and saw that we were getting fuel through the Electronic Fuel Injectors. We cranked on it for a bit, and waited, then cranked again, and waited, then cranked again.
After 5 minutes of intermittent waiting and cranking, I was just about to try and flag someone down for a tow when it started up. We kept the guys out on the tube, and started to tow them into the marina, but while towing them in, the engine wouldn’t rev above 2500 RPMs, but it sounded like the engine was running just fine, it simply lacked power.
I made a video trying to replicate the issues without any luck, but thought I'd post the video of it running normally at 3500 RPMs to see if anyone spotted anything.