What I'd do is keep the points distributor, the electronic conversions can be more trouble than they are worth if the module fails and you have no spares, just learn how to set points, and lube the advance weights (there is a lubricating wick in the center of the distributor shaft, it just takes a few drops of oil 1x a season. The other option is to upgrade to a Delco EST but then you need to change the ESA module.
If its a 2bbl, get a 4bbl marine intake (these can be found for the older Pre-Vortec) on ebay if you look around, and an Edelbrock 1409 carb
Then get rid of the old OMC one piece batwings (3.5" outlets) and upgrade to the 2 piece 4" exhaust, you can use Barr aftermarket manifolds & elbows, I used Volvo Penta parts to mate the 4" elbow exits to the 3.5" OMC Y pipe.
Without doing major work this is about the most you can do, will give approx 205-210 hp, which should be fine for an 18 foot boat.