Re: 1968 20hp johnson
"Subtle differences" include different pistons, different rings, different cylinder head, different carburetor, a balanced crankshaft for higher RPM, and different exhaust tuning. Changing any one or two items without the whole shebang will likely result in less power and possibly even severe engine damage.
Story from here is leave it alone. Besides, 5hp will only amount to a couple of miles per hour on most boats, not even noticeable in the seat of the pants.
BTW, there is always somebody that has to try it anyway. Like me. I did the whole shebang, and the result was it wasn't worth it.