Well, had a marine mechanic buddy of mine swing by yesterday to see what was going on with it.
Good news/bad news
Good News - It is not the carbs or a random safe mode issue and he did a compression check while he was at it - 120+ on all 6 cylinders
Bad news - looks like the power pack. Seems like this is a hard to find part for a 1986 outboard at this point. He is going to try and get me pricing on one later today. From what I am seeing online however, they can run about $500 for the part alone. Combine that with the cost of resealing the hydraulic steering and it will be $800-1000 to "fix" this engine and at that point, it may still need the carb work. Do I want to put that much money into a 32 year old outboard?