Sell and move up. Ask anyone who's done a major project, overhaul, or update.

SELL AND MOVE UP!!! You'll be less stressed, have more fun, and be able to do it cheaper.

Mine is on powerboatlistings right now. Just take a look for yourself. Took $60k to get it there and i'm asking $29k .... You do the math.

Correct....I did projects on many boats, it's just easier and better in the long run to trade up. It's the old saying, pay me now, pay me later. Two sides to the coin. Pay upfront and enjoy. Try to upgrade, miss a few seasons, pay more then double what you thought it would cost, work out the bugs, get frustrated, and end up selling when everything is worked out, because you are sick of looking at the boat....lol.....just saying

Your wife loves it, you love it- Make it yours. You know what you have and you know what it will cost. Any other boat will cost $$$$$ also to get it just like you want beyond the initial condition and there are always surprises.

Sell and buy something already done the way you like

OR

Upgrade yours on a serious budget spending 10k for everything not 40k. Enjoy for a few more years then buy new boat because life might change by then anyways.

Leave drives alone, mild freshen engines if needed, leave them alone if not, etc etc. I guarantee no matter what you do you won't be happy with the performance of your current boat for long and will WANT MORE! So save yourself some money and enjoy what you have now, on a frugal budget, and keep shipping for your next perfect dream boat.

$40-50k will buy a lot of boat right now. Get something newer. I guarantee the wife will be happier and so will you.

If you are trying to make yourself feel better about your boat, do the interior and paint work first. That will make the boat pop, get you lots of compliments at the dock, and your eyes will see something "new" every time you look at it. Roller cams and refreshing the motors in my 311 got me 3 mph, hardly worth the expense if your motors run well - those old 420's are a pretty rock solid package, and they've got a nice idle to them also. Take the rubber flappers off the silent thunder platform and cut down the damns inside and the boat will have a nice growl - for free no less. I loved the way the transmissions shifted and the drives are pretty tough, leave them alone and save your money. You will still lose money in the end, but if you like your boat overall this plan will make you like it more without losing too much.

So what can you buy for 40 K that will make you happy? Remember you dont want to buy something newer and then have to dump 40 into it. If your hull is solid and you have no issues.

update it. if it is your labor then it is your boat as long as the hull is solid even then consider repairing it. how upset would you be to spend money on another boat that blows up after you get rid of the boat you love.
even some newer boats can have wet transoms. etc.

Do you own your boat out right now? If so, sell it and then you'll have 55-60K to spend on a newer boat. Speaking from experience, DO NOT spend 40K to upgrade your boat. I would venture to say that most whom say go with the upgrade, have never done it. Also, keep in mind that 40K will be a drop in the bucket by the time you finish, it will be more like 60K if done right.