In a jet boat the HV oil pump is almost always the way to go. A rear sump jet boat pan is better than the front pump passenger car oil pan. Depending on which oil pump is in the engine, you might need to get a new oil pump to work in conjunction with the rear sump jet boat pan (very likely).
Your engine looks to be a very mild powered 429, not the greatest choice for a jet boat but certainly usable. You need to determine which factory iron heads you have because if they are D2VEs then your engine will be very detonation prone in the jet boat--especially with that EdelBROCK carb. If tuned correctly, the cast pistons will be fine in that mild-mannered build. Upgrading your current to forged pistons will cost perhaps $1000 total when all is said and done and the engine is back in your boat. Incidentally, once again you need determine which heads you have before you buy pistons. The cylinder head casting number is on the outside of the head, along the valve cover mounting rail, and between the 3rd and 4th exhaust ports...might be C9VE, or D2VE or D3VE, etc.
LO