50 HP Mercury, is that the four cylinder engine? I had a four cylinder Mercury and it would idle and run very smoothly. I liked that engine. Owners manuals and service manuals are still easy to find in print and especially in PDF form.
On a carburetor engine, I would stick to premium non-ethanol gas. Ethanol blended fuels need richer fuel to air mixture to be burn efficiently and you don't want to run 2 cycle engines too lean. If you are comfortable adjusting the carburetor or pay a mechanic to adjust it, that might work. Myself, I would stick with premium non-ethanol gas in an carbureted outboad.
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Today's Featured Article - Women and Tractors - More Views From the Farmer's Wife - by Teri Burkholder. The top ten reasons why the judges wouldn't let you participate in the stock antique tractor pull: Hey, this is stock! It came with that V8 in it! That "R" on my tires stands for "really old" not radial! Blue gas? We thought it was a pretty color! What wire hooked to my throttle?
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