TB IV uses a timing light and you set the motor to 6-8 degrees per the manual for your motor. No different than any generic distributor. No base timing mode. Just must be set at idle.
TB V needs to be put in base timing mode by grounding the purple/white wire, then adjust to what the manual...
Contact Raylar engineering as they are the 8.1 experts
Your ECM will need to be reprogrammed to go non-cat
There is a set of VP manifolds on ebay
https://www.ebay.com/itm/266994409012
since the top is not that large on the 212, I would probably mount them just outboard the pipework. two on port, two on starboard
or just forward the ebox and the forward legs under the front overhang of the hardtop
agree, no way that 4000# dry weight boat is going to do 50 mph with a 5.7 unless the 5.7 is in a truck pulling it down the highway
with the boat being 25-26 years old, time to look into a few things.
have the boat weighed. if you are carrying extra weight such as saturated flotation foam...
going to any drive from your OMC will require a new transom and stringers. at that point, you can go to Mercruiser, Volvo Penta, Ilmore, etc.
current motor location / mounting / etc. is specific to your OMC drive, its intermediate housing, etc.