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I hate to rain on your parade, but even if the boat is sound, by the time you upgrade the engines, fuel system, and drives, you will have more in it than the boat is worth.
Trust me, I know. I have a 1988 nova that had a 330 hp 454.It went about 50 mph with that engine. It now has a 540 in the bilge, and will only do about 65, 68.7 best on gps.
Blew up the drive and had xr gears put in that.I know for a fact that I have more in the engine annd drive than I could ever hope to get out of the boat, and I don't care!
To me a boat is dual recreation- I enjoy using it at the lake, and I love the upgrade projects just as much. Installing gaffrig gauges and shifters, new extreme marine swim platform, k-planes, lectri-san, inverter, blah blah blah.
Would I do it all again? Oh yea!I feel I got my money out when I did the upgrades, it was fun!
And by the way, I had a friend do what you want to do, built 383's for his nova and wow! the boat did 70, jumped on plane, it really woke it up.
So I say go for it, but with open eyes, you won't get all the cash back out of it, but it will be a satisfying project if you like that sort of thing.
Good luck.
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