I would use Wd-40, and spray around the carbs, and the cylinders with it running on the hose in the driveway, see if it starts to rev up on it own after you spray it. The wd-40 will add fuel to a air leak and cause the rpms to rise. If ir does you have a air leak which could lead to a seizure while running it on the water. It is more likely to race and over rev due to no friction or LOAD on the impeller being out of the water.
Here is info on the Jet pump oil;
The pump oil change
If you look into the nozzle in the rear of the ski you will see a cone with 3 screws and an oil filler allen screw.
To change it,
1) Take off 4 13 MM bolts holding nozzle and 10 MM bolt holding steering.
2) Get something to catch the old oil in, drain pan or margarine cup etc.... (don’t forget the nose plugs, the oil stinks to high heaven)
3) Remove the 3 8 mm bolts holding the cone on.
4) Pull the cone and drain the oil out. Prop the front of the trailer up as high as you can to get most of it out.
5) Inspect the rubber “o” ring and if it is good apply silicon and reinstall the cone. Make sure the allen fill plug is on top.
6) Lower the front of the ski and add oil** to the cone. When it is full, take a brake and have a drink. There is air in the cone and when you go back you will see that it is low. Top it off and take another brake... do this until the fluid does not lower again. I often start the ski for a few seconds to make sure oil is all the way worked into the bearings and all the air is out.
7) Wipe silicon on the set screw and screw it in (be sure not to run it all the way into the cone. just deeper than flush is fine. Let it sit 24 hours to cure the silicon and put the nozzle back on.
**NOTE: Use Sea Doo 75w90 GL5 Synthetic Polyester Oil Or
similar.
While it's apart check the spring and plunger in the cone cap. If it gets sloppy it will cause it to rattle. If it looks real worn replace it and it won't rattle so much till it wears out again...
Karl