I have seen many 21' s with an 'E' pump, similar to a setback...Starting fresh, I'd go with a setback, mill the intake for a shoe and ride plate, and run the 500 hp motor, and go have fun (sounds easy, right?)
On my 21', the ride plate and shoe were already on it when I got it, so I don't know how it handled before. I'm in the low to mid 50's with 450+/- hp., ("AA' American Turbine Impeller @ 48-4900 r's.)
1400 lbs easily doubles lake ready. Mines @ 2800+ lbs.
Hope this helps
Dan'l