A '88 boat with a 4 banger is most likely a Mercruiser engine. B4 that boats with a 4 were GM engines based on a Chevy 6 design, at least mine was.
A 4 just does not have enuf low end torque for real skiing, mine didn't.
The electrical pieces need to be marinized, i.e. to minimize things sparking in the engine bay, but most of those pieces will transplant.
Boats were rated for max allowable horsepower so your hull may not be rated for the 400.
If you go for it, you will also need water-cooled exhaust manifolds, the exhaust normally goes out thru the stern drive after being cooled by the water dumped into them.
Boats with Pontiacs that I've seen aren't coupled to a stern drive.
If your boat has a 4 it was probably also available with a V6, the GM 4.3L was popular in those years, my brother's boat has 2 4.3L engines. Perhaps you can find a bad hull with the V6 which would be easier to transplant.
Try lowering the pitch on the prop for a short term fix also.
George
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