I'm racking my brain on you Speedster because your right in between the years where my sources for research keep swapping back and forth, so I'll just ask a couple simple questions.
First....the mpem is the acronym for mulit-purpose electronic module. Second, I didn't think they were installed on any models prior to 1996. The mpem replaced the electronic control module (ecm). I would like to know, do you have the mpem or the ecm? The way you can tell, if not by looking on the lanyard, where the lanyard cap has a foam floaty that states "DESS", is when you connect your safety lanyard, do you hear 2 audible beeps? Second, does your lanyard cap have a small metal plate and your post, does it have a small metal ring around the middle and a metal (no push) button at the top? There are differences between these two but I think you have the ECM.
"Engine just dies"........you say you went through the carbs. Your description sounds like the accelerator pump...but your model carbs weren't equipped with them. The carbs are specific to their cylinder. Though the two look the same, they are not. The PTO carb and the MAG carb are jetted differently. Did you interchange any of these parts on the carbs?
Lastly, did you check to ensure the carbs were syncronized to each other? Carbs that are out of sync from each other will perform as you are describing.
The 657cc engines were used in a few more boat applications after your model. They are used mostly in the Explorer in a couple more years after the 95 Speedster. Very reliable engines. Sounds like you got great compression too.
The seal on the mag cover. Your a mechanic, I don't think I have to give you any insight there. You already know it was a shooty job. Do the checks on your rpm gage as Robin described. Clean and dry your magneto in that engine, get it running as soon as you can to heat it up and dry it out. You'll want to check the charging circuit on it when it's running. Same way as you'd check the alternator on your car.
There is some great advise here from the forum members. It seems everyone has had something to give you. I hope your up and running soon with what these members have suggested..........:cheers: