Yeah, if the fuel fitting is leaking, the engine can't pump fuel properly. This leads to fuel starvation, lean-running which can cause high temps and burn up the pistons/rings. Something you could try is have someone back aft to squeeze the fuel bulb when you're taking off (providing the fitting isn't leaking so badly that fuel sprays all over the place). See if the engine responds to that. It's also a possibility you could have a weak fuel pump, or debris stuck in the check valve(s).
I don't think you can get any parts to recondition the female fuel fitting, best to replace it with a Mercury part, or a good trusted aftermarket such as Sierra or Aqua Power. You'll find a lot of cheap non-branded parts on Amazon and ebay and likely they will be made of Chinesium.
The 700 Triple is a small-cubic-inch engine (49.8 c.i.) and it will not tolerate being lugged or overpropped. Your prop selection should be based on WOT (Wide Open Throttle) rpm with a light load (i.e. only the driver). Prop it to the high end of the mfr's recommended rpm range (recommended: 5000-5500 rpm).
I suspect you'll likely find that you need to go to a prop with smaller pitch on your beautiful 17' classic.
Last thought, pull the clamshell cowling and advance the throttle to full. Make sure the arm that advances the ignition timing is moving along with the throttle, if it's stuck at a retarded timing setting the engine isn't gonna run well up-throttle.
You'll find plenty of parts info here, including comprehensive parts diagrams:
www.marineengine.com/parts/mercury-outboard/
HTH................ed