It depends on if the engines (and boat) are taken care of properly. If fed good oil... I've seen engines last almost 600 hours in the boats. (they aren't at full throttle all the time) Normally, 400 hours is time to think about a rebuild. BUT... if you feed it the wrong oil, and don't properly winterize it... it may only last 200 hours.
On a boat as old as the one you are looking at... just plan on replacing the engines if they have not been changed.
The best thing to do is to take it out for a ride. Make sure they idle, go to full throttle from an idle, and that they are stable at mid throttle. Also, make sure there isn't' any heavy cavitation. (a little is normal on the boats)
If that all checks out... check the compression on the engines. Perfect is 150 psi. Anything above 135 will run well. If it's less than that, it may run, but it's going to be time for a rebuild.
The difference from a 720 to an 800 is 80cc's. (and 25 hp)