I had another test trial on the Chicago River today. I am proud to announce I only had about a cup or two of water after 4 hours on the water. Better than my multiple gallons last trip. Since my last launch I replaced 3 rivets and sealed a few areas with 5200. The engine started up no problem this time and got up to 40 mph with no problem (see image). I didn't change my 17 pitch prop yet but its not the most important thing on my list.
The boat was going along just fine when I lost a little power. I later found out that the only spark plug wire I didn't replace ended up fraying apart. The wire has now been replaced. Overall I am very pleased with how the boat rides and got plenty of compliments from my passenger today.
Now I have the a lot of cosmetic and wiring issues to take care of.