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All Mercurys are cataloged by serial number, can I get that number so I can run it and see which ignition system you have.
Next, do you have a decent quality digital volt/ohm meter, and do you know how to take resistance measurements?
Got it. Now how would you like to do this. Are you near the engine now and ready to work, and want to go step by step? Or do you want me to give it to you all at once?
Are you familiar with the ignition components on the engine? Those would be the stator, trigger, switchbox, and coils?
I don't have a diagram for the engine but I can tell you how to troubleshoot it. First, is this engine a tiller. Or does it have a remote key switch?