Sounds like the previous owner fixed 2 of the 3 problems (oil lines, and power valves). The fix for the powervalves involved putting a clip on the top of the valve to keep it from falling into the cylinder. You can remove the covers on the power valves and easily see if the clip has been installed.
WaveEater Products
The other potential problem for that ski is that the catalytic converter tends to fail at around the 10 year point. You definitely want to stay with Yamalube oil if it still has the cat/con., because other oils will speed the failure. You should consider removing the cat/con and replacing with a "D" plate (this is how Yamaha sells the skis to overseas customers). Even with the "D" plate I recommend sticking with Yamalube oil. Their engines are designed to run on that oil, and I've seen enough problems with other oils used in their skis to advise guys to stay with the Yamalube.
Best preventative for carb problems is running non-ethanol fuel if available. I'd also recommend running Yamaha Ring Free Plus fuel additive. Other guys like Seafoam, etc.. Even with that you will still need to take the carbs apart, clean and rebuild them periodically. Stuff (varnish, etc.) will eventually build up in the carbs despite doing the above, plus the little springs, seats, needles, gaskets, and other parts in the carbs eventually wear out and need to be replaced.
You can download an owner's manual here:
http://www.yamaha-motor.com/waverunn...r_manuals.aspx