MN_61X

To start off I this is my first post here. This looks like a great site for info and help on skis.
I am a virtual newb when it comes to modifying jet skis but have done a fair amount of work on snowmobiles in the past so I do understand 2 cycle engines.

Here is my situation. I picked up this 95 Mastercraft with a 61X engine for $350. After replacing the CDI box we ran it all last season. It runs and starts great but I would like to make it kind of a project machine. It exhibited a fair amount of cavitation out of the hole so to get ready for this year I plan on a Solas impeller. Before picking correct pitch I would like to improve horsepower a bit. I am thinking of using 35cc heads, changing to dual 38mm carbs and adding reed stuffers.

Question I have for all the Yamaha pros here is: Will parts for all Yamaha 701 engines fit my machine? Do these mods seem reasonable if teamed with a 18 pitch impeller? Also, is it true that Wave Raider impellers are the same as the Mastercraft impellers?

Not looking for all out race, want to get around 60mph.
Thanks for any help/ideas.