Well I've got bad news.
I got my fuel pump rebuild kit from iboats, and rebuilt it in accordance with leroysramblings website. I checked it by blowing through the inlet port (which allowed air to flow through) and then blowing into the outlet (which did not allow any air to pass). This check convinced me that I had rebuilt my pump adequately.
I confidently brought the boat to the lake, and launched it into the water. I primed the prime bulb until hard and gave the rope a pull, to my surprise it started right away. I then checked the pee hole to ensure the impeller was pumping, which it was. I then began to troll around at around 20% throttle, and did this for a few minutes. Everything was starting to seem as if I resolved my problem.
I placed it into neutral to let the engine idle a bit, and after a few seconds it suddenly bogged down. As it was bogging, I gave it a little more throttle (to try and keep it running) which only bogged it down faster.
I made several attempts to restart the engine, with no luck. No matter what I tried, it just wouldn't start. I checked my prime bulb, which was very hard. So I am convinced that my newly rebuilt pump is sufficiently pumping.
I loaded up the boat and drove it back to the house, where I quickly got out my large bucket and placed it under the engine. After filling it with water, I went ahead and tried to start the engine. Amazingly it started right away, and idled like normal. I revved it a few times, killed it, and restarted many successful times. I placed it into forward and reverse gears and let it troll for a few minutes with no issues.
I am totally stumped here. Maybe it's overheating under load? Maybe the powerpack loses spark when it gets hot? I should have checked for spark out at the lake when it was refusing to start.
On a lighter note, I repainted the whole outboard in white, and put on a new decal set.