I haven't had a lot of time to do water tests with my new boat but I can say this... The origional owner of this boat took the origional motor (the 190 hp) and invested about $2,000 in a rebuild. He bored it over, did all the internals, cam, heads, intake, carb, etc. I hope to have the motor dyno'd this spring, but the estimation is that it's now around 300-320hp.
The boat is a V-195 which is a pretty large boat. I don't have the weights in front of me, but I would bet the the CV-23 and the V-195 are within a few hundred pounds. The CV-23 has a shallower hull and will draw less water than mine. Mine runs about 55mph with 2 people.
Anyway... The amount of money spent to build the 302 would go a good amount further in building a 350. plus, you have to figure an amount of money in the change over in hardware and parts...
If you have the 350 (260 hp) I would work on rebuilding that and add a few small mods and you would be in the same ballpark as a built 302.
Just my opinion...