Re: motor swap merc 120 to v8
Outboard powered boats have a max HP stamped on the spec plate, not so with I/O's. It's up to the manufacturer to determine what is safe and appropriate, then allow the buyer to choose from a limited range of options.
Find out what the manufacturer offered for your particular model. If it included a V8, go for it. But as mentioned, the outdrive will not be suitable, so be prepared to replace the whole package.