Hi Jeff,
Good observations on the SBC motors. They have proven themselves millions of times in so many different kinds of boats. The 307 is a smaller bore 327, with the same crankshaft stroke. Since they're the same externally, you would still be in good or better shape if you ever decided to repower with the larger bore 327. It appears that at any given rpm, the 327 would have equal but more torque and or power, which would appear to still give you the low end burble and tractability all of us value so much at the docks, and the additional boost at speed.
I recently had a ride in a 1937 Hackercraft, repowered with a CC 283 setup. The boat would fly. We had a great ride. My flywheel aft 327F also has a remarkably flat torque curve too, but the flywheel forward 327Q has considerably more power all the way. The old Model K Hercules weighed in at 680 pounds and produced 95 hp. All of these small V8 motors weigh essentially the same thing, and produce far better power at less weight.
If you're running a 10,000 pound boat up on a plane at 1500 rpm, ha, you have a sweet combination for sure! Add that 12 gph, why change anything?
Regards,
Paul
For the photo documentation, here is a photo of the 327Q found aboard SHADY LADY, our family 31' Sedan. I think the 307Q is visually identical.