I've done what he was thinking about doing only on a slightly smaller scale. 201 Liberator - 52 mph boat. Small upgrades - 55 mph boat. Major upgrade with 350 built into a 383 - 65 mph boat. More upgrades with exhaust manifolds, new carb, miscellaneous - 68 mph boat. Blowing drives - 0 mph boat!!!
Upgrade to Bravo 1 drive and engine tuning - 70-72 mph boat. More $ and I can have a 75 mph boat. A lot more $$$ and I can maybe get to 80 mph. That would be about it.
Would it have been better to just buy a faster boat to begin with? Yep. Did I know at the time, that I was going to want to go 70 mph on the water? No. Has it been fun doing it this way? Oh, yeah. Do I surprise a lot of people with a Libby going that fast? I sure do.
If you really have your heart set on the boat, go for it, but heed everyone's advice. If you know for sure that you want to have a 75+ mph boat, you probably will be better off financially if you buy a different boat.