Hi your Boat sound Nice. 70 mph. Is very respectiable with 2 small blocks pushing a 27 foot boat. Must be light .
I have a 1984 242 Formula [5200 lbs] with 2 worked small bocks. Getting 68 to 70 when set up to run top end. 14 1/2 x 24 + [ re worked ] 3 blade clever props. On yours I would try exhaust system { alum. or light weight in Fresh water only}. If carbed. Try a Set of heads like dart 2, with steel seats and SS valves, Roller rockers , High rise Intake, and a Larger Holly carb. I run 650s, dual feed double pumpers.
Good plug wires and coils. I use Jaccobs. there great. For the cam be carefull do some research. Try to contact Merc. for advice on the specs. Boat and truck cams are simillar.
You will have to have the Props RE worked , add more pitch, or borrow a set .
Don't get too NUTS with it if the bottom end has hard hours on it. And You just might get it too quick for the hull design, Chin walk will scare the hell out of most people.
Keep in touch, I'll snoop around and see about the cams.