Probably not. There will b some sort of fuel transfer system (called a puddle trap) built into the motor to move excess fuel from the bottom of the engine to the top which should keep that cylinder from hydro locking from excessive fuel.
I would just change that spark plug and take the engine for a run.
No damage but clean or replace the plug !
While your there check all plugs sparking and condition and see what compressions are and log it down ! when your running the engine pull each plug cap and see if all cylinders working ! Go play
SOURCE: i have just bought a boat with an old Mercury 500
if you have no spark at your spark plugs then you have to check if your coil is getting power and if it is sending out power. find your distributor and the centre plug wire and follow itto a 6-7 inch cylinder, that will be your coil. take a test light and ground it on the engine and touch the positive side of your coil with the need tip of your test light, if it lights then you have power getting to it, in that case the coil isnt sending any power to your distributor, take your coil and get a new one and try that. Make sure you hook up the wires the same way on the new one or you might have to y another one.....goodluck....cal in nova scotia
SOURCE: I have a 1994 mercury 90 2 stroke . I have
Have you checked the "Fuel Pressure Regulator", the ethanol in gas these days can cause the tubes to swell and crack... also the little diaphram inside the regulator can get stuck causing the motor to bog down under a load. if you have a book you can locate it. if not you can likely go to Boats.net and enter your motors serial number to seek out parts and it will usually take you to different schematics and diagrams for each part.
I have a Mercury 115 four stroke and did all of the same things that you did... spent upwards of $1,000.00. to do a maintenance overhaul and it still bogged down when i got up around 2800 to 3100 RPM. it turned out to be an $85 part and about 45 minutes to change out my Fuel Pressure Regulator. Its worth a shot!
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