Re: Through hull exhaust???
Let's not overlook the Carbon Monoxide issues.
With a thru-hull exhaust, depending on your top-side aerodynamics, you may end up with CO in the boat, even without a tail wind, due to the "Station Wagon Effect."
With an underwater exhaust the fumes do not surface untill well aft of the boat, and even then it is highly diffused.
CO is slightly soluble but very reactive with the oxygen in the water and some gets converted to CO2 and remains in the water.
Your Tubers and Boarders do not even notice it.
Many people with inboard powered, Ski Tow-Boats are doing the opposite conversion that you are contemplating.
They are converting their thru-Hull exhaust to an underwater exhaust.
The area just behind the Prop Hub is, suprisingly, a low pressure zone.
The low pressure actually reduces your exhaust back pressure at some speeds and improves your performance.
Google "Fresh Air Exhaust" for some enlightening Info.
PROs: It sounds cool to some people!
CONs: Everything else!