The Glen L plan would work well. Finding a motor that would get it to the speed you want might take some doing, but isn't impossible. Options would include any of the vintage Mercury 4-cylinder racing motors (Mark 30H, Mark 55H), as well as newer versions there-of (Mercury 44XS, Tohatsu 50D). The newer Yamato 102/202/302 series might work, too and do turn up on eBay from time to time. Not sure they would get a boat that big up to 55, but would certainly get it well over 40. A similar hull in the 11-12 foot range would be better suited to the Yamato. Better, still, the Yamatos are darn near bulletproof.
As Frank noted - safety is paramount. Kill switch and life jacket are MANDATORY. Running these style boats isn't a matter of if you flip, but when. You'll get some good experience in drying out a wet motor.