could be a number of things first off would be the low end carb settings. but if it idles fine after start that is not it. are you starting it in or out of the water because mine does not start with out some throttle out of the water but under the load in the water it starts fine.
Replace the fuel line going to the bottom of the carb they get worn out fast and suck a bit of air at times and make it hard to start but yet will keep running once started.
Also, Make sure your choke isnt stuck open a little! Those are the fastest/easiest/cheapest options to start with.
i keep reading your post and it seams like i just dont get it. does it start every time that you hold it at 1/4 throttle and then you let off it and it idles fine ?
it is not uncommon to have to open the throttle a bit to get one of these started. the long cranking time though could be a weak ignition or it could be the carb.
if this is a carb problem you are either over fueling or under fueling the motor. if over fueling you are adding air by opening the throttle to get it runing. if you are under fueling opening the throttle is allowing fuel to be pulled out of the other circuts.
the fueling for low throttle opening is controled by the regulator portion of the carb. so check your pop off pressure. if that checks out play with the pilot screw, the lowest screw on the carb (i am assuming you have a 44mm bn) and see if anything changes.