Update: Well, the surging problem came back after another 2-3hrs of running. Having pretty much gone through everything (electric/ignition/fuel filter, tank line) I went with my initial feeling that this was fuel related. Pulled the carburetor and wala! The float bowl was full of crap! Mainly varnish type gunk - but some big enough pieces that when I hit waves etc it would slosh around in the bowl and obstruct the power valve at the bottom of the bowl. That's why spraying carb cleaner down into the float bowl fixed things - until it sloshed around again. So, I have the carburetor apart, mainly going to clean it up, but also replacing the float, accelerator pump, the power valve and idle jet (ordered a kit this week). I have not rebuilt a carburetor since the Holley on my old Correct Craft, but this looks pretty simple. Gotta love the simplicity of an old carbureted motor.