FWIW a 242 actually measures just over 26'.

you'll be fine, I run around in a 24' Challenger which is a much lighter boat and I do just fine. Now you probably wont be able to run WOT all the time but if you drive responsibly and don't get in a hurry you should be able to go anywhere anytime.

You will be surprised how much a Formula 242 will handle comfortably. I don't think you will be running away from water conditions. Good choice these are heavy boats compared to the other makes of that vintage and it has a 24 deg. bottom.
As a side note that bottom was originally designed for off shore racing conditions

You can do it at LOTO in a 242, as that is a serious boat comparable to today's 27 footers. But, you'll still need to drive it with better skills than someone in a 40 footer, but you'll be pleasantly surprised at how well it rides in the LOTO washing machine water for its size.

FYI, in addition to the 242LS, they also made a 242SR1. Don't limit yourself to just the LS when you are looking.

Side note: Formula tried to discontinue the 242 for two years before their dealers allowed them. It might have been the most popular model Formula ever made, according to the tour guide at the factory.

But wait, they also made it in a 3rd model the 242 SS. If you have a family and want a larger cockpit take a look at this model also. Just an FYI
Great choice the 242 as you don't need a monster truck to pull.

My first boat was a 1989 Formula 242ls, and we spent most summers at LOTO. Its not the fastest, but handles the water amazingly well for its size. Cuts through great and doesn't beat you to hell at all, and we were out every holiday and shootout weekend too. I think you will be very pleased with it, good luck on your search, and btw when you find one, don't waste your time with a 3 blade on that hull, bravo 1 4- blade is what they ride best with to get their big heavy assess out of the water.

This was my old one.