Yes, the Crusader MPI's do have "Power Reduction Mode."
~~ If oil pressure ,coolant temps or transmission fluid temps are abnormal , the buzzer will sound , and once rpm is brought down below 1200, normal operation is restored up to 2000 rpm ,... above which only half of the injectors will provide fuel delivery as controlled by the ECM.
On twin engine boats, if the engines are connected with the Twin Engine Harness, both engines will be limited in same Power Reduction Mode when 1 engine is experiencing the abnormality. ~~
The above is paraphrased from my 2003 5.7L MPIs ( & 5.0L MPI & 8.1L MPI, no 7.4L that year I believe) ) Owner's Manual( # L510001-03, page 26 ) , but I expect it would apply to the other earlier blue MPI's as well.
Crusader would have had the Owner/Operation Manual and Parts Manual available for free download on their website under Owner's Info in the distant past but they delete manuals for older models after a certain? time frame.
A google search will return links to manual archive sites that include the Crusader 7.4 but no idea if they include the MPI.
You could contact Pleasurecraft to see if they can help, or maybe Engine Distributors, Crusader/Pleasurecraft's main E Coast distributor.
Note to owner's of older Crusaders still listed:
If you haven't the hard copies and/or haven't downloaded the 2 manuals for your engine model yet, I strongly suggest you do that now before they are deleted. ( But the parts diagrams/lists are still available from most online parts vendors.)
Not sure why Crusader deletes those helpful manuals as it can't cost them much of anything to keep available something they already have in the list supposedly for the convenience of the owner's.