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All Merrcurys are cataloged by serial number, can I get that number so I can see which ignition system you have.
Also, do you have a decent quality volt/ohm meter, and do you know how to take basic resistance measurments?
Do you know how to use it it at all? Is it analog or digitnal?
If it is running with the black/yellow wire disconnected either the keyswitch or the emergency stop switch is bad, and that is what is killing spark. So you would want to test those one at a time to figure out which switch is shorting, and killing spark.
I do want to make sure you are happy with the service I am providing to you before you go. Did you have any other questions on the spark issue or do you think that covers it? -Jason