is it broke or not?

[serisdaddy]

I just bought a 88 thunder craft with a 4.3L omc cobra. It runs great sitting still but going it sputters and doesnt seem to be geting full throttle and the boat fills with water. The pump keeps it under control for the most part but not really. If the pump is off it would probably sink:'( Anyway there are two rubber boots on my outdrive. The top one seems in good shape no dry rot or anything but the lower one has holes all along it. I put my finger in there and there is nothing going through it. I was told that the holes were worn spots but they are perfectly uniform as if placed there on purpose...is it broke and need to be replaced or is it how its supposed to be?