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1986 malibu skier drive issues

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I just bought this boat, and am new to boats in general. I took it out to the lake this past weekend, and drove it for about 2 hours off and on. As I started to head back to the dock, if I would drop down below 1/4 throttle, it would act like it kicks in to neutral. But if I increase throttle it will go back to driving normal. But it got worse, the slower I drove it, the more it would kick into neutral. What would be a few possibilities? Pcm 351 and a 71c velvet drive (I believe I remember reading that on the trans).

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