Wrench, and everyone that put in suggestions to the fore-mentioned problem, thanks for the help/suggestions.
The problem turned out to be the neutral switch assembly within the motor which I didn't realize was there till after I got to looking at the schematics. Traced the wire back from the starter relay which had no power to the neutral which did have power (when key was turned over) to it but not coming out. Checked the connections to make sure the plunger was being depressed and also manually depressed and still no power out from sitch to the relay. Bypassed the switch, turned the key and it fired right up. The cutting out problem I'm almost certain was a fuel line primer bulb problem as there was no fuel in the filter bowl and no going in when squeezing it. Order the switch yesterday and already replaced the bulb, once the switch gets here and I get it installed i'll be back on the water.
Thanks again all
John