Get a 502 and a Bravo drive.

I would put another option on the poll... sell the boat as is and take the proceeds plus the $6-7K you have in budget and buy another boat. I've had a 242LS and that boat just takes a lot of power to go even moderately fast. If you already had a Bravo setup, I might think differently (but still probably not). I don't think you have enough in your budget for a BBC and Bravo conversion.

You can make the changes you talk about and maybe hit 55 or 60 MPH. Then what? I'd bet money that within one season you'll want to hit 65, then 70, then? You'll have a SBC 242 that won't bring the $$$ you have in it when you try to sell it. You get the picture.

Agreed, Thinking about what I've done to mine and the money I sank/ wasted trying to make it moderately fast I could have bought a bigger boat, lets say a 292/ 311 and have a boat that's just as fast with stock power and a better ride! I have more money in the motor and drive setup than the whole boat is worth!! Don't get me wrong its a nice piece but if I had to do it over again I would have just enjoyed it as is and got into something bigger!! food for thought.

i have a 89 242 ls with bottompaint , repowered with a 6.2 mx 320 hp,bravo one ratio 1.50, runs 52 mph gps with a mirage 19 at 4800 rpm, should run between 4800 and 5200 so a mirage plus 17 would be a better option for some more speed,but the performance is not so bad for a stock smallblock in such a heavy boat