1996 Mercury 200 hp EFI SN: OG360973

Background: I recently purchased this boat and have been using it without any issues. However, I encountered a problem with the motor that I'm hoping someone can help me diagnose.

Sequence of Events:

Initial Start: The boat started perfectly and ran smoothly.
First Stop: After about 30 minutes of running, I stopped the main engine and used the trolling motor for roughly an hour.
Restart & Issue: Upon restarting the main engine, it started perfectly but bogged down when I throttled up, limiting the speed to 5-8 mph. It felt as if the engine was flooding. After shifting between neutral and drive a few times, the issue resolved, and I was able to cross the lake without any problems.
Second Stop & Persistent Issue: After another hour on the trolling motor, I restarted the main engine. The bogging down issue returned, but this time it persisted, and I had to return to the landing at a slow 5 mph.
Observation in Reverse: Interestingly, when I put the engine in reverse, it displayed its usual power and exceeded the 5-8 mph limit it had in forward drive.

Additional Information:

This was the first time I let the gas tank run below half since purchasing the boat as indicated by the gauge.
I couldn't locate a fuel filter between the tank and the engine. The fuel line seems to run directly from the tank into the fuel/water separator. Is this typical, or should I consider adding a fuel filter?
When turning the key to the "on" position, I hear two beeps.
I plan to conduct a compression and spark test tomorrow. I'll warm up the engine at idle before the compression test and will share the results.
The engine starts up immediately, and the idle seems normal.


Concern: Could this be some sort of "limp mode"? The behavior in reverse vs. forward drive is puzzling. Any insights or suggestions would be greatly appreciated.