This would be a Mercury sportjet, perhaps? Without actually crawling down there and having a look while the engine is running in the water, I'd suspect the power head mounting gasket. If so, the power head will need to be unbolted and lifted off to replace the gasket or address the cause.
So have a look closer before jumping the gun.
The 4K RPM issue might not be related but tread carefully if/when the motor isn't making power like it should, might just be a clogged injector or two but a dead cylinder can result in severe damage.
Might want to check compression of all cylinders and while the spark plugs are out I have a ritual habit of squirting 2-stroke oil in the cylinders and intakes of a motor that doesn't run correctly whilest poking around b/c there may be a lubrication issue occurring. It's telling you something, it's not up to the task at hand for whatever reason.
Hopefully the compression in all cylinders is good.
Then, a good test to identify which cylinder(s) is not contributing while the engine is running is pull each plug wire off the plug (using a plug wire puller to avoid being zapped!) one at a time then placing it back on and move to the next all while running and see which one(s) has no effect. That's how you locate a dead cylinder(s).
Squirt, squeeze, bang, fart, all six must be doing this in sequence otherwise the orchestra is out of tune.