Bill (and Lisa)...first of all, congrats on the new boat!
This is one of those questions which inevitably starts arguments among outboard owners/boat enthusiasts.
It is possible to find TCW3 rated two stroke oil for less than $6/gallon at sale prices. Mercury (and Bombardier and Yamaha and Polaris and once upon a time OMC, among others) has various flavors of TCW3 that cost anywhhere from $15 to $25/gallon.
There's the "You get what you pay for" opinion. There's also the "It's all marketing/there is no difference" opinion.
The truth is somewhere in between.
The newer, high tech motors like Mercury Optimax and Bombardier ETec live on the bleeding edge of lubrication. They inject the very minimum amount of lube oil (for pollution control), and the engine's computer carefully keeps track of the engine temps and running conditions. There is little margin for error, so risking an oil that the engine's manufacturer has not tested probably isn't worth it.
For your older-technology premix motor, as long as you properly mix the correct amount of oil into the gas, the motor is never going to be starved for lubrication. There is actually more risk of carbon buildup from excessive oil, which can cause long term failure.
Regardless of what oil you run, the key to the longevity of your powerhead is to occassionally run some decarbonizing fluid through it. Seafoam is a good brand (available at WalMart and auto parts stores). Just add a bottle to the tank at the beginning of the season, and again at the end of the season if you are winterizing (Seaform is also a fuel preservative). You can also do a spray-decarbonizing procedure if you want more assurance. It's a decarbonizing fluid in an aerosol can, sprayed directly into the carbs while the motor is running...available at marine stores.
For your motor, my opinion is that any TCW3 rated oil is acceptable, inluding the Wal-Mart store brand, Citgo, Lubrimatic, among other low priced brands. If your motor is having a tough time idling smoothly and no other explanation is available, the more expensive oils may idle better, and the synethetic oils produce less smoke.
Also, make sure you change the lower unit oil. That's the gear oil that keeps the shaft and prop gears from burning up. Any marine mechanic can do this, and if you want to do it yourself, let me know and I will point you to a tutorial. It's simple.