300/440/550 550 Conversion Starting Issue

My 550 conversion ski is having a starting issue. Starts right up on the trailer, starts first time in the water no problem, but once the ski shuts down on the water it takes 30 min to start again.

I've been able to get it started like this several times, but my last time out the battery died on me. I'm thinking it's a fuel issue or water in the carb, but I have the problem riding flatwater too. Suggestions?
 
Haven't checked compression yet, but blew through the pulse line and air came back out through the carb...does this mean my reeds are completely shot?
 
Pistons and rings are torn up and melted...looks like wrong size put into bored out motor. I have a 750 bored to an 801. No blocks in fuel lines, carb is rebuilt, ran fine then quit. Reeds look shot, I'm thinking if I replace pistons and rings + reeds I should get suction again to get the fuel pump running. Any suggestions/ideas?
 
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