Okay, first off, the boat company's name is spelled Chaparral.

Second, it's a Sterndrive Engineering SEI 116. That is a direct replacement for a Mercruiser Alpha One Gen 2 drive. And don't be mad about that outdrive, it's not a bad drive. The new ones even come with a 3 year no fault warranty. How old is the drive?????
Why they replaced it with that, I don't know? Well I do know, and SEI 116 is $1395, and you can't get a new Bravo one for less that $3500. But they had to change the transom plate and everything. But anyway, that ship has sailed. It is most likely a 1.47 ratio drive. That's what a 350 in that boat would have gotten when it was new. And the original 454/B1 would have been a 1.50 ratio.
As a note, my sister bought a 90 2350SX cuddy with a 454/B1 combo. And the 454 took a dump. My dad installed a 383MAG MPI from Mercruiser Remanufacturing and it does a Great job. So if you modify your 350, I'd bore it .030 over and put in a 400 crank and make it a 383. or just buy one of those from Mercruiser, but they aren't cheap!
Best of luck to you.