My last boat, (Dad bought it new) was a 1966 Mark Twain with 150 Mercruiser engine (230 cu-in 6)
We ran it mainly at approx 3/4 throttle or more all it's life with an occasional (brief) full throttle run each time out on the lake, some times multiple times in a day..
I sold it in 2005 (39 years for the math challenged) and we never had the head off the engine.
WOT once in a while will hurt nothing. Just don't run it at WOT all the time or you may wear it out a quicker. How much quicker? Maybe my old 66 might have only lasted 20 years
Let me also add that most of these engines are not built to make the MOST power possible. They're sort of like aircraft engines in that they're designed to make a fair amount of power on a continuous basis.
Running them (continuously) at no more than 80% (of max) power gives the most longevity.
Aircraft engines are similar in that they're slow turning (typically 2500-3000 RPM) , high cu-in displacement and designed to run continuously at fixed power settings (usually 75-80%) but some are designed to operate at 100% power continuously. (I have an engine rated at 180 hp 2800 RPM continuous It has a 2000hr recommended time between overhauls)
Use your own best judgement!
Cheers,
Rick