On my 97 350/390 that issue came up as well, anchor would go down but not come up. In the anchor locker under the topside windlass is where all the connections and motor are located. I removed and cleaned what I thought was the up connection on the motor and it then worked ok. It is a somewhat difficult place to get to and I am a little surprised it is all located there due to the moisture.
97 Mainship 350