I do not think there is a lot you can do beyond check compression,make sure carbs and fuel pump is working good. If you have a mechanic who knows those old v4's good go all through it and try to make sure it is doing the best it can do.They are fine motors and are known as work horses.They are gettin old though. Experiment with props,and a hydraulic jack plate that will help get the motor in just the right spot and that engine turning about 5500 rpm top end with the right prop. A set of trim tabs could make a big difference on getting on plane and better mid speed handling.
It cost so much to repower a boat it always seem to me it is just about as well to sell it and by something else that has the setup you want.
If you do not have a hydrofoil on the motor. You could have the motor checked and tuned and put on a stingray speed xp hydrofoil and make the boat usable if you don't go with the tabs. It will get you on plane faster,stop porpoising,and will not effect your top end much if at all once you figure out exactly how and when to trim it....it's all about knowing how to use the power trim with it . if you don't have an OMC raker prop I would look for one. Get the right size.