hey troy,
its a yamaha 4 stroke 50 hp outboard. its got very low compression on 2 of 4 cylinders. it will run but rough and loss of power. i took the head off, cylinders look fine.. i took th ehead to a machine shop and they did a vacuum test on all the ports? the dude said the head was fine..
after much thought i had the same idea as you, maybe the belt jumped a tooth? or some shmuck was in there trying to adjust the valves and got it all fugged up???
if it had bad rings or something in the cylinders causing the low compression, it wouldnt backfire thru the carbs would it???