Re: how much power?
I did a little research on this a while back for a boat I was building. Essentially you're pretty well matched right now. The marine architect that designed your boat was concerned about the amount of torque the stringers and transom could handle and also the center of balance (cb) for your boat. A torquey 383 stroker or small block 400 might just rip itself loose after a couple of hard hole shots. Most certainly you'll be looking to change outdrives and that could lead to some major transom mods.
Personally, I'd leave well enough alone on this boat and go get yourself a "Go Fast" boat like an 2002 Allison or a STV for the times when you just want to hall arse.