Very nice package for the money.
The 454 mag was a very nice engine with good internals. A friend had a Velocity with a 454 mag from '91 I believe... That angine had 600 hours on it and was still running like new.
You're crazy if you think you're going to find more boat for the money. Pay for a good mechanical survey, or have a Merc man go through it (comp checks, etc.)