I had the timing issue when I first bought my FW. However a careful review of the symptoms might tell you which one you have.
For the timing issue:
Mine would run perfect up to about 85% power. Above that, it would backfire and not get any additional power. Mine also did not show up on the test ride, but in my case, I think it was caused by my switch over to 10% Ethanol gas (E10) instead of Marina gas that the previous owner used. I found that I had to advance the timing a few degrees to get it to run perfect on E10.
Fuel Pump or Fuel Filter issues:
If you momentarily get to near full power, but then it backs down (and backfires), then you likely have the fuel issue, not the timing issue. (Your description sounds like this one).
Ray
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"Knot Easy" 2000 Horizon 240 Volvo 5.7GS /SX
tow: 2017 Honda PILOT EXL-AWD
prev. boats:
'87 Chaparral 198CXL 4.3 OMC Cobra
'69 Jetstar 16ft Ski Boat, 115hp Yamaha
'68 Aluminum Jon Boat, 3hp Sears
'64 Water Wings