Mechanically - see this thread: http://mastercraft.com/teamtalk/showthread.php?t=36470
When I got it, the #1 cylinder had a cracked valve. I rebuilt the entire top end of the motor, and I also did some local homework and found the original purchaser/owner. This boat is somewhat a specialty item - it was a custom order from MC with a 454 (they made 11 boats with that engine in '88) - and it has a custom pylon for tournament pulling - I found some old photos of the ski team pulling 28 skiers for a big pyramid. The engine was completely rebuilt top to bottom at 450 hours. It has 900 now, and freshly rebuilt heads.
I spent last summer dialing in the carb and the idle, got it to the point where I could start it with the twitch of the key. I have only two mechanical complaints at this point - one is that it gets tempermental at wakeboarding speeds (engine starts to miss after about 2 minutes - i have some ideas on how to fix that, starting with a higher quality coil, and ending with me fiddling with the carb floats again). the other is a ground issue - which I think i finally found when I pulled the hull apart - my ground line had a big gash in it, which the prior owner repaired with electrical tape. I'm hoping that problem goes away with the installation of a nice shiny new 2/0 ground lead.