Averaged 165psi

Sure. Pretty basic build;
Dart block
AFR 305's
Scat crank and rods
Mahle pistons and rings (still not sure on compression but guessing in the 10.5 range)
Straub custom hyd roller, Morel lifters
Crane rockers
Victor Jr and AED 1000 carb
MSD Pro Billet dist.
Cam specs:
.688/.649
256/264 .050
107 Lobe sep

that,s a nice build,for marine use i think the compression might be a little high and the cam won,t work unless a completly dry exhaust is used.imo,a marine friendly cam and a drop to a max of 10-1 compression ratio will lower the power output some but would still be a strong build.

165 is a little low but it will work.what octane fuel are you runnung and what is the total ignition timing?

93 with 36 degrees timing going to dyno this winter to also see where timing needs to actually be but I was informed 36 should be sweet spot..

What kind of reversion friendly cam can go into a 700+ 540ci that will work with wet manifolds ?

I think you have to define wet a little better. What kind of exhaust, how far back does the water enter, how much downward pitch do the tails have before the water goes in, and what diameter. I think it comes down to a case by case situation.

Lets just say, your typical bravo setup, using a standard exit stainless marine, Gil, or similar riser, that dumps water prior to the transom.

I guess what Im asking, or saying, is unless you have done the specific combination, isnt it all a guess on whether or not it will revert water?

the kind that makes it a 500 hp 540.

I think the answer is above; the combination has to be right and it just has to work with all the variables but can be done.