He has just bought a 2000 VMAX 175 on a 2000 Triton ski and fish boat. I know it has carbs. It starts fine, gets on plane without a problem but when running at high speeds it starts to cut out. It feels just like as if you would be driving a car and feathering the gas pedal.
what your describing is a classic fuel starveation.
if it has carbs I would test compression,test spark then replace both fuel pumps and clean out the carbs.
carbed models have no O2 sensors.
if its a VZ model you will need some filter maint and the VZ model does have an O2 sensor but its not used for fuel corrections above about 1500 RPM.
remember there is a world of difference between a VZ175 and a V175.
about the only thing common is the silver blue paint.