Longrange, your boat will be hard to handle over 65mph and very dangerous over 70 without hydraulic steering...full hydraulic steering! With the correct prop you have the potential to hit 80mph with 415hp on a light 22' boat like the 22 Scarab. Your boat will ride right up on the pad and the only way at these speeds to keep it there is some very exact steering. You will not get this with the low grade cable steering that is stock on this boat and you must use hydraulic steering...full hydraulic steering. You will also need to beef up the engine brackets to hold the engine in place and like others have mentioned you need to use offshore race style mounts. This is all for your safety and so that you do not tear up the boat and engine you already have. It's best to do everything correctly.
As far as the exhaust goes you can use the stock exhaust for now but be aware the stock exhaust on a 502mag is very prone to leak water at the riser and manifold flange and also at idle from the exhaust water outlet. Be sure your riser and manifold flange are perfectly flat and use Merc gaskets and a lot of sealer. I had a 502mag with this very same problem and meet plenty of others with 502 mags with this problem. Stainless Marine exhaust solved my problem..of course after an engine rebuild.
Have fun, be safe and good luck, Mike