***** UPDATE **********
Sorry for the delay, its been a busy few months.
So here it is. I've worked the jetting up to 83p and 85sec and the plugs like it so I think thats good, yet it still only runs up to 4800 and slowly to 5400. Top speed is still 74. I even tried a bigger prop 28p and got the same speed but only 4700 rpms. It's runs and sounds great, but lacks any real uuumf !
I also removed the stock water pump and ran a by-pass to cool everything. this set up also allowed me to have one less belt dragging on the crank.
My next thought is removing the Edelbrock RPM heads and trying some AFR's. If anyone is in the trading mode or has a set for cheap..PM me.
Also, the water issue has been resolved. Thanks to Bud down at Havasu Eliminator all if fixed. Turned out to be a rub-rail issue...meaning at one point it was replaced in one section and the old rivot holes were never filled!! So water came right in and into the sponson.