Well this story *may* have a happy ending. I took the SD to a local mechanic known in these parts as 'the only guy to go to', who supposedly was also the maintenance man from the previous owner. When I told him my story this evening, including all of your concerns about compression, oil type, etc., he took one look at the engine and gave me some advice: He said my 'plugs are too cold'. Having been out of the water for over 24 hours, I thought - THIS GUY IS A GENIUS. What he meant was, the BR9ES plugs like to run hotter than my 20-25mph trolling with the kiddos. He said go pick up some BR8ES plugs and give that a try. He also highly recommended putting the kids on the beach after a few laps and let 'daddy play for a while' to keep the plugs clean.
Well a few hours later, after some cleaned valves (Props to RAMPAGE pictoral guide), and two new plugs, the SD fired right up and sounded much much better, and regained my missing power. It was after dark, so all I did was test it out near my private boat ramp, and didn't take it out for a full-lap spin.
I won't assume I'm fully out of the woods on this one - but the engine is giving me hope, so we'll see how tomorrow goes.
Cost of repair = $7.50 (two plugs and a can of carburator cleaner spray)
THanks for all the replies, I am very grateful.
SaltyDDDog