Re: Malibu Wakesetter Monsoon 350
I see. From what i am familiar with that boat (friend has one at the cottage), quiet well powered and balanced (hence the pricetag..). Even if you are 6 people with filled ballasts then the boat is quite heavy but still goes! Catalytic converters are restrictive but even at that... If you were to go that direction it would be costly and you wouldn't find the benefits your looking for opposed to an engine up size.
You should possibly look into the engine forums. I have a feeling your engine might be detuned, like if someone turned back the throttle cable on a carb engine, your not getting the full 100% range. You might want to quickly troubleshoot some some of the variables before making such a large commitment. How's the condition of you prop?