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If the engine is doing this mostly at idle, and will go away if you throttle up slightly, it is a bad sensor, and it does require replacement. Some of the early Opti motors were very sensitive to the output of the TPI and would send fault signals the ECU.
Based on my experience with Mercury in the shop, they would not replace the coils on your engine due to the age of the engine. The bad coil run was on 2006-2010 engines.
Fuel will not set off the throttle alarm. Only the TPS would.
Does the warning horn in the boat work still?
Not for the boat, but for the engine.
can you take a pic of your warning light, while pointing at the one that is coming on, and post it here.
Pat, if you have dumped the fuel filter into a jar, and allowed it to settle. If there is no water on it, there is no need to dump the fuel. the four beep alarms are for a sensor out of range. Low voltage to the ECU, a bad oil rank, water in the fuel, an injector shorted or open, or a temp sensor that is unplugged all can cause it.