Mild 460, cam, something like mine would work really well I think, .565" lift, 232*(50-thou, 280* seat) duration hydraulic would fit the bill quite well. It works fabulously in my working lake-boat 454. Mine is a custom grind tho to boost the ramp rates as much as possible.
Best gen-purpose manifold lake-jet-boat-wise is IMO the Edelbrock Performer RPM, I have the Air Gap version.
Some folks will tell you that you need an 850 on a jet-boat, I respectfully disagree. IMO the best size for that setup is a 700-750 CFM size. For better mileage, the Ed's would be fine, as well as a spread-bore holley (4160 style).
For maximum performance, go square-bore with a 4150 mechanical seccondary, but it will use more gas.
Timing drive, How much noise do you want to listen to? A good-quality double-roll true roller chain set is only likely to last you 2 decades or so, for $100.
Build advice, set all the bearing and ring clearances arround mid-point of the factory spec range, or just a touch wider than mid-point. You will never work an engine harder than you are about to, and it CAN be built "too tight" and destroy itself in short order, especially lower end bearings.
Don't go overboard thinking huge port heads are better, they are likely to NOT BE for your aplication.
400 HP will only spin a well-fed Berk "A" impeller to 5,000 RPM, IF you have that 400 HP at 5-grand or sooner. 700HP at 7-grand is worth absolutely squat if you can't produce enough muscle lower down to get past 4-grand.
A good set of thru-transom headers (water jacketed) CAN yield as much as 50HP, and WILL cost between $1800 and $3700 NEW (brand and material). Mine did, I gained 200 RPM but the rest of the motor build was being choked by the logs.