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That's the small bore Bridgeport model...do you ski/tube or just ride? If you just ride you can cut heads no more than .025, get rid of the "tea cup" intake and install one off a 98 and up V-4/6, vent the bottom bearing, use 99 and up adjustable carbs, jackplate if don't have one. Which size gearcase does it have?
Leave it be as speed and water sports set ups don't work well together.