Going from 4.3 to 5.7.....
Well, my 23 ft Deep V came from the factory with a 283/185 HP SBC with a 4BBL carb. It burned 10 gph @ cruise. With any passengers on board, in order to get it onto a stable plane, the back 2 BBls opened. I swapped it for a 5.7 260 HP factory MERC w/FWC. Max speed went to almost 40 and fuel burn @ cruise dropped to below 7 gph. Boat has a wide range of cruise speeds, i.e., nicely on a plane @ 2400 RPM up tp 3200 RPM. Cruise speed @ 3100 is 30 mph.
Soooo.... a bigger, more modern larger engine can give you higher speed with less fuel burn vs an older smaller displacment engine. ( Part of fuel improvement is the ability to increase engine operating temp to 165/170 F with a FWC engine, vs 135/140 F raw water cooled.) While I can top 40 mph in my high deadrise 4000 lb dry weight boat, in the waters I boat in (Barnegat Bay and environs), going much over 30 on anything other than the rare flat as glass water days is punishing. Boat does fine, knees and back less so. Most summer afternoons feature a 3 to 4 ft chop, often with breaking tops out of the south, i.e., up the full fetch of the bay driven by 15 to 30 mph winds. Spacing between waves is "short" ... :-}.
A boat's ability to run fast improves as the waterline length increases... that's why the "big boy- go fasts" are so long. You want the waterline length to be rather longer than the distance between the wave crests. You want the beam to be relatively narrow as well. When you push Deep V hulls close to the designer's top end, the hull will "porpoise".... i.e., do the "Miami Vice" opening scene thing. Been there, done that... not a good mode to be in unless you have a longish boat. Sticking your nose in a wave @ speed, while it looks cool to the observer, is dangerous, and getting "air" also looks cool, but race boats have a throttle man dedicated to dealing with this.
It's your boat and you are entitled to go as fast as you want, however, in my experience ( USCG 50Ton Captains License, 1986-2013), there are more than enough "unconsious" (a.k.a. stupid) boat operators on most water ways who don't watch where they are going or who is around them, to make "going fast" under most conditions, too risky.