Rigger's rule of thumb - always hang 80% of the boat's max horse capacity off the transom in order to get the boat to perform "as it was designed".
Underpowering a rig can be as bad as over powering but for different reasons.
So I would start by checking your coast guard plate to see what the max horsepower for your rig is.
If it's say 120 horses - 120 X .8 = 96 (which would be the optimal horsepower).
So going with a 90 would be pretty darn close. If you opted for the "next motor up", which in the case of Merc has only been the 115 for a good few years now (they used to produce a 100 horse), as noted in my earlier post, you only gain a few mph.
On the down side, you gain 80 pounds hangin off the back (the 115 is heavier), and at full throttle it would burn about 2.5 gallons more per hour to give you that 3 extra mph - plus it would burn a little more gas at all speeds just because the displacement is greater.
But if you really need a superior hole shot (ski, wakeboard etc), then the extra weight and higher fuel consumption is the trade-off.
Now say your rig can take a 150 horse max. In that case the 90 might not be enough. The boat just plain wouldn't work the way it was designed and you would always be disappointed. A 150 max rating would require (150 x .8 =) 120 horses. In that case you would have two main choices - the 115 or 125 (same engine in all respects except for the horsepower), in which case you may as well go with the 125 since it weighs the same as the 115 - it would burn a bit more gas, but the 10 extra horses would offset the extra weight you are carrying, OR
You say "what the heck" and go with the 2.0L V6 135 - which in my opinion is the best V6 Merc ever produced. It's just a sweet motor that was almost "born" to crank out 135 horses with tons of torque.
And personally, in that 90-150 horse range I really would skip over both of Merc's 4 cylinder options (115/125) - if you can get away with the lower horsepower go with the 90 (which is exceptionally well built and is quite possibly the most popular motor on the planet) - but if you need some more guts, and can safely rig it, jump up to the 2.0L 135 - a very sweet engine..