Re: Liberator exhaust
OP, you might also check out the potential to just add a muffler to your TH system, maybe ask Eddie Marine or one of the other performance outfitters. Otherwise, you'll at least need a Y pipe diverter to reroute exhaust back down through your outdrive. Depending upon how your boat was put together, the latter could require pulling the engine, not sure of your configuration.
FWIW, through hull exhaust can add both HP and MPG, as well as reduce heat in the engine bay and lower leg. Yes, they are also louder.
Let us know how you make out.