Hi. Summary: 12v low on display...won't start in water...started on trailer then backed into water...kind of ran, but not to standard max rpms. Compression is fine at ~145. Okay, so, checked fuses in rear electrical box. One 20amp was okay, the other 20amp was blown, the third fuse was fine but was a 3amp (it's really supposed to be a 1amp, right?) The 5amp fuse up front at MPEM is okay.
Back to the rear box...went to replace the blown 20amp fuse and it sparked at me. I stopped, then tried again and it sparked again and then immediately blew the new fuse before I could even press it in. I unplugged the two rectifier wiring harnesses and tried replacing the fuse again. It did not spark or blow this time. By the way, all of this is with the engine off (with no attempts to start). Anyway, I did NOT plug the rectifier back in because I didn't want to move from the fool-me-once stage to the fool-me-twice stage.
At this point, I tested the three yellow wiring harness (one of the two harnesses that the rectifier would be plugged into) for continuity to ground. I tested to the spark plug grounding posts and got the continuity beep. This means the stator is shorted to ground and the mag cover has to come off to deal with it, right?
Back to the rear box...went to replace the blown 20amp fuse and it sparked at me. I stopped, then tried again and it sparked again and then immediately blew the new fuse before I could even press it in. I unplugged the two rectifier wiring harnesses and tried replacing the fuse again. It did not spark or blow this time. By the way, all of this is with the engine off (with no attempts to start). Anyway, I did NOT plug the rectifier back in because I didn't want to move from the fool-me-once stage to the fool-me-twice stage.

At this point, I tested the three yellow wiring harness (one of the two harnesses that the rectifier would be plugged into) for continuity to ground. I tested to the spark plug grounding posts and got the continuity beep. This means the stator is shorted to ground and the mag cover has to come off to deal with it, right?