At first, I thought this boat was entering limp mode, but now it looks like the valves were over tightened by the previous owner. I did some valve adjustments, and it idles much better now, but it still had some issues.
I was able to fix a couple fo the issues by correcting the timing, and installing an Engine Coolant Temperature Sensor. The timing was off because the timing chain was not installed properly. The ECT Sensor was not installed because the previous owner replaced the block and the new blcok did not have an ECT installed, I bought a new one and it fixed the running rich problem I was having.
I just purchased a new to me 1995 Mastercraft Prostar 205. We lake tested it last weekend, and immediately after we left the marina harbor, I started videoing because it would't go above 2000 RPMs. I'v read that this may be a sign that the boat is entering limp mode.
We turned the boat around immediately and returned it to the marina.