The Outboard will not be cheap. A new 200hp setup is in the $14K range. 200hp on a v-bottom can be expected to run about 60mph or so. You'll still need to fill in the hole in the bottom/transom from the pump, get new steering, redo the seats (since now you'll have a big empty space at the back), new steering setup, jack plate ..etc.
Leave is as a jet....find a good used motor for a couple grand, then have a shop do the floors/stringers. You should be able to get it up and running for less than $3500.