Re: 5.0 to 5.7
It would be a great time to put a 350mag in to the boat.
I was very close to buying a 2004 model year (closed-cooled, 400 salt water hrs) 5.7MAG MPI (300hp) + Bravo I for my Liberator when I found the 454/Bravo III.
I am going to guess that it probably would have performed OK. The guy wanted almost $2500 more ($7500) than I actually paid for the 1997 (122 non-salt water hrs) 454+III combination so I think I really "scored"!!
If you replaced your 5.0L engine with a 300HP Mag MPI 5.7, you would notice a significant improvement in hole-shot (if you re-propped for MAX RPM @WOT)
But just putting a carbed 350 probably won't make a huge difference......