Supposed to be a 32' Sport Fisherman (Zero Draft) 330 HP Gas 7500 lbs 40 MPH. Associated with Don Smith / Powervent. But I can't find any information.

https://smithboats.com/

I found it listed on powervent's website through internet archive. Listed the same exact info you have. I wouldn't be surprised if Don Smith did the work, he's kinda the powervent dude and it could have been a one off for powervent for testing. The lines of the boat look pretty Don Smith

I don't believe Smith ever built a 32

The more I look at it... looks like a boat I've seen used commercially in the islands. Can't remember the name right now

Powerplay, Avanti? I know guessing doesn't help. The gunnel on the deck at the midpoint of the boat looks Powerplay to me and I know they made some I/O cc's. But I never heard one called a 32.

Example showing the same gunnel deck shape....
https://www.boatsandbuyers.com/boat-details/220

Not a Powerplay my Buddy has one of the 33 I/O CC's the engine hatch and side are different on his.

If it says power vent on the transom it’s definitely related to Don Smith in some way.

It’s a pretty tick hull design that turns a shaft drive into a surface drive.

I am aware. I've built a boat with the same system. I got the photo from the Powervent website...
Web Archive

looks like a baby Smith - had a Smith 42 go by the house last week. Cool boat with diesels and surface drives