It's a jet boat, right? For any jet boat using a constant driven impeller, the operator must remain at the helm at all times b/c there is no real neutral, the jet pump is pumping water at all times.
Remember, this powerhead came from an outboard and there's a lot of support for those still. Mercury has been very good about providing support for sportjet through the years (I've been surprised, but I seem to live in my own world outside this particular forum), not sure the current status but...
Sounds like a Mercury Sportjet? If yes, not a Rotax thus the oiling system isn't the same. The Sportjet has well known oiling system issues and there are solutions.
Something doesn't make sense, after shutting off while cruising the boat, once restarted, would only idle back to the launch?
How about checking fuel rail pressure?
One of the big tuner outfits can get you an ECM of whatever flavor you want, I'm sure.
This might be the outfit I was referring...
My experience with rings is there's not a lot to gain but in a pro race it might be the edge you need for that 1/10 sec. The ring installed on my Berkeley ruined reverse completely so I took it off and behold the only difference was a vastly better reverse.
So this Yamahaha, 300+hp?