Thanks for the advice. Yes, I have done the yearly maintenance twice since I purchased boat. I've changed fuel filter, cleaned thermostats and lower unit fluid twice. I have replaced spark plugs, replace water impellor and gaskets, replaced fuel line from tank to motor and replaced alternator belt once. I also have been using Don's cocktail since purchasing the boat in Sept. 2017. I do not have a smart gauge so I do not know the water temperature with motor alarmed, but the water pressure was 20 psig plus when I reached almost WOT Friday morning.
I plan on taking it to a Merc dealer for diagnostics, compressor replacement and fuel system cleaning, testing and calibrating.
The reason I asked about beep was it occurred and cleared corresponding with the engine rpms. I had already read through sticky Savage pointed out to me at least twice trying to see if there was anything related to reaching governor speed on motor. I've owned and did the regular maintenance on Mercury's for the last 30 or so years. My dad and uncle fished and maintained their boats and taught me to do the same.
Trying to make the decision where to take for repair today or in the morning when I can reach European marine by phone. I have two local Mercury authorized dealers and service shops very close to me. And after speaking to one of the owners yesterday of the dealership at a local club tournament and asking about his fuel system cleaning he might very well send to European Marine. He didn't tell the name of the business where he sends the system, but stated he had kind of thought about doing on site before but could never justify spending the money for system. He did say he charged $250 for the fuel system cleaning.
Thanks for your advice and insight on my current issue.