Art, search the Formula forum here on OSO and I'm sure there's plenty of info on the 272/292 hook. Vette is correct in that it's more like a trim tab angled down about 1-1.5" on the last 12-18" of the outer V hull. But I disagree that it loses its effectiveness at speed. As pointed out, these are stern heavy boats. I've only heard anecdotal stories of someone trying to remove the hook.
While the 272 is a perfect platform for pumped up small blocks, I think it'd be interesting to see how the 292 SR-1 hull would take to losing some stern weight. But the issue I see with LS-x motors is lack of low-end torque. Formula put big blocks in these boats for a reason.
From the looks of those waters, I'd say you really want at least a 311 if not a 357 if you're looking at SR-1 vintage.