Run the hoses all the way up. Use 4" hose with 4" stainless steel hose 2 clamps per riser. So that means you will need a total of 8. The other 4 will be for fastening to the exhaust tips. (2 on each end of hose)
those plates are water block off plates.(Notice how they block the water inlets in the casting) you would use those for a jet boat application. If you use them ....You will need to buy 3/4 inch brass plugs to block off the water inlet on the back of the riser. Also there should be a gasket on both sides. so you need to buy 4 total. If you dont use the block off plates you will need to buy the gasket that is made for those inlets. Or you can use an IMCO gasket and a razor blade to custom make it, and you will only need 2. Call IMCO, ask for Dave or Freddy they will have every thing you need.
If you need a diagram on how to run the hoses I can post one up for you. let me know.
Good luck!