Yes, I am checking for 12V at the VST with the positive lead on the grey wire terminal and the negative on the other terminal where the black wire is connected.
Checked the kill switch and thought I had found the answer. It did seem faulty. When I first turned the ignition on, no green light came on. I removed the lanyard and manually pressed the switch and then the green light came on, but not consistently. I checked the resistance across the closed switch and it was 0 ohms, but I found that if you fiddled a little with the leads connected to the switch with the ignition on then the green light could easily go off. So, I jumped the wires to by pass the switch entirely. Then started the engine expecting that all would be well, but it was not. It was still doing the same thing: run for a little while then stall, restart, run a shorter time, then stall, etc.
So, I thought that it has to be the relay and so I swapped the two relays, the hp fuel pump relay with the ignition/system relay. Started the engine and still the same symptoms occurred.
But I did notice that the engine seems to idle rather low. It appears to be idling at 700 rpm - difficult to know how to read the tachometer correctly below 1000 rpm, there are three marked divisions under the 1000 rpm mark and the needle is half way between the first and second marks below the 1000 rpm mark, so I am assuming that is 700 rpm. When the engine runs it certainly sounds like it is going to stall any minute, and sure enough it does. It has been a little difficult for some time. We would often launch the boat and I would put it into gear and immediately it would stall. I assumed that it was because it was still cold. It would start again fine and as it warmed up we had no problems, but I would not have thought for an engine with a ECU that that was not normal.
What I wonder is whether the reason it goes for shorter and shorter times is because, with the repeated restarts, it actually gets progressively more flooded, until it just will not start at all because the engine is quite flooded. I would not have thought that an engine with an ecu could do that, but I have a 2004 Ford with a 5.4l V8 EFI and I know that you can flood that engine so that it will not start and then you just have to leave it awhile. I wonder whether the same thing is happening with the 454 simply because the idle is too low. So it stalls and then must be restarted and then stalls again, and so on, until it is flooded and cannot be started until left awhile.
That would not explain why it originally lost power on that Saturday, but that might have been due to a faulty oil pressure switch and/or kill switch.
The other thing is that even if you try to rev the engine after it has got into this cycle of starting and stalling, it will certainly stall when you attempt to open the throttle. After the first stall, when I restart the engine it revs to 1400 rpm and then gradually drops back down to the 700 rpm.
Any ideas? I am fairly sure the oil pressure switch was faulty, though until I remove it and test the resistance with it removed, I suppose that one never knows for sure. Testing the resistance in situ is perhaps not the most reliable method though it is the method that the service manual appears to describe. I should perhaps add that in every case when the engine stalled in these last lot of tests the reading on the hp pump indicated 12.5V just as it stalled.