Make sure there is nothing obstructing the exhaust. If there is an exhaust flap broken off and its blocking the exhaust to the drive, bingo, no power. Revs up beautifully but no power under load.
Also replace the anti siphon valve on the gas tank if it's original. I had this problem with my '88 4.3 Cobra.
The engine would start and run and would rev fine in neutral with no load but would not plane out the boat. Make sure the ESA system is not staying engaged after shifting into gear. It is only supposed to engage (lower the idle from 600-->450 or so) when shifting from in gear to neutral....