I don't see why it wouldn't work, but I'd ditch the water pump for a plate.
What hp was the cobra 460 rated at?

Lakes Only would know about cam and intakes, although I prefer single planes on jet boats.

What heads? Later Fuel injected or older carb heads? Adjustable rockers or fixed will affect cam selection.

What exhaust manifolds are on it? If they are iron, I'd ditch them too, for weight reasons, and flex plate over flywheels too.

Most 460/jets like an 850, even mostly stock.

Just my $.02

Dan'l