I need to write this sh!t down in Microsoft Word so I can copy and paiste!

First off, the hull. You're going to need at least 600+ HP to make it a quick boat, that' a lot of ponies ( $ ).
Secondly, the Olds. The Olds 455 is a great engine with just one problem with it (in a jet boat). The oil doesn't get back to the oil pan quick enough. The drain holes in the heads are too small and can be enlarged with an air hammer or drill (both off the engine). The next thing the Olds needs is more oil, a larger oil pan. There are several articles out there that all say basicaly the same thing. I had a MIller that had a 455 in it and I could cruise that Olds
all day long at 4,000 - 4,500 RPM's with no problems. I just got done putting in a BBC in a tunnel hull and can only get 48 mph out of it, with tons of tuning problems (hopefully). Just because you've got
anything but an Olds in your jet boat does not mean you're on easy street.
All engines in jet boats need to be marine, or built for marine, engines. The cylinder temperatures get very high and the clearances within the cylinders need to be larger than a "car" engine. The alternative is a very well used truck engine that has the cylinders looser "naturally". I had a friend that put a 100,000 mile truck engine is his jet boat and it lasted him 2 1/2 years, and it only died because of his stupid actions (showing off).
I buy and sell a lot on eBay, a pair of engine mounts for an Olds will bring me a little less than $100, the same parts for a BBC will bring me over $200 usually. The same is true for the logs/headers and PTO. The new Olds engine parts are going to cost you a little bit more than new BBC engine parts, but some of the used engine parts for the Olds are cheaper than some of the used engine parts for the BBC.
If it were my boat, I'd keep the Olds. Keep the fatter jets in it all the time, your engine will appreciate it. I'd put some cash in the engine, instead of a lot more cash into the swap. My .02