Setup has a lot more to do with making a boat fast than HP does. First time I ran my white boat, it did 68. This was a sub-300lb hull with a fresh 550ish HP 496 BBC. A little over a year later, I had
it running consistantly in the mid low '90s, and got it into triple digits once in just the right water. I just dialed in the pump, shoe, ride plate, nozzle, and trim plates...and it found me 30+ mph. Keep screwing with it...I bet there's at least another 10mph in it without major changes.
My little shitbox outboard runs about 60mph with the motor trimmed down....it'll run in the low 80's with about 4 degrees of trim in it, because the 4 degrees gets all but about 10" of boat
out of the water. Not a lot of change with a big result, just as an example.