1996 Seadoo XP clicks, won't start... but what a journey its been! Please help

[Spoondaddy]

I have 150 in both cylinders as of two weeks ago

 

[Spoondaddy]

Tested the regulator tonight and pulled the red wire. No difference.
My guy that is helping me is convinced that my stator is bad.
He said when it was hydro locked it's very possible water got in there and corroded some things... He suggested pulling it off to check if there is a short or any corrosion.
My question is would a bad stator let a jetski run good on land, but if it gets under pressure in the water, it doesn't create enough energy to let the jet ski run properly, or the trigger is off which would throw off the timing...
Please help a lost soul here!

 

[mikidymac]

If the ski was flooded it wouldn't hurt to pull the cover and check. I would also check all electrical boxes to make sure they are clean and dry too.