IMO I would work on set up before trying to make more power, if you try to run too much compression with the wrong set up (lugging engine) it will burn up. Same issue if jetting is wrong and you will need to rejet once you start adding compression. Make sure the engine is reaching max rpm, I would be suspect that a full hub 4 blade like the one you pictured at the height shown is the best prop for your boat.

If you want to change carbs go with version that has adjustable idle mixture, I would go with 95 or newer as the 94 had various carbs dependant on model number and if memory serves early version was fixed idle.