What size boat are you putting the new engine in?
If its a 17-19 footer then why not just get a late model Vortec 4.3 with a 4bbl carb? That will make the whole thing simpler and cheaper, you will need to use an electric fuel pump and a Vortec intake manifold but other than that it should be an easy swap.
If you have a 20-21' then going to the V8 makes sense, but there are extra costs, exhaust system for one, carb has to be rejetted but most of all is making that 1.81:1 gear ratio work with the V8.
I had the same thoughts with my boat which is a heavy 20' with the 4.3, I'd like to go to the V8, the drive in mine (Cobra) is a 1.62:1 so it might be do-able. If not I have no problem with a Vortec V6 since the fuel economy is quite good for this size boat.