that would make me think stator then. does that motor have the 40 amp charging system?

Well got my DVA delivered (tooldiscounter.com) and all tests came in within the CDI parameters. However, I noticed that my lower carburetor was leaking lots of fuel...a stuck float that was cleaned and fixed. Also noticed that there was a water leak coming from behind the middle coils; a hole in the exhaust manifold cover. Took that out, will probably repair from the inside with JB Weld and when I get the gaskets and install them, will test it and keep you informed.
Do you think any of these problems could have cause the original symptoms as reported or just other stuff that needed attention?

what did the high speed switch box outputs look like. Remember to disconnect the bias wire between the switch boxes when testing out puts(white/black wire) make sure the grounds on all the coils are nice and clean.

Spare, it will be about two weeks before I can get to them. Will be working in San Francisco and then Albuquerque, but I did not remove the bias wire between the switch boxes. Maybe the reason for both to have similar readings.

spare, disconnected the bias wire between the switch boxes (BTW this is a 16 amp flywheel) and these are the max readings to ground with the DVA:
blue=269v
blue/white=284v
red=198v
red/white=177v
What do you think?

builder, i might have one of the older stators. it was a spare i had for my 84 150, but my "new" 94 has the 40 amp. its yours if you need it & i can find it. let me know.

per CDi your low speed is OK and your high speed is way high
http://www.cdielectronics.com/downloads/Mercury_DVA.pdf

phatdaddy, I would absolutely will take it let me now if you find it. :nice:

Spare, so what does the high speed being way high indicates? A bad stator?

kinda odd to have something way high, usually it will be low, are you taking the measurements at cranking speed?