then i'd suggest going with the loop.
we discussed this for a few post's here on this thread.
http://www.seadooforum.com/showthread.php?74874-1995-Seadoo-HX-project/page3
note: if the oil tank doesn't leak, you can sell it, I have sold quite a few for $30+ If it leaks and you plan on putting it back in, I have new OEM grommets for like $12 shipped.
while gas tank is out,,, check for recall, you might get a nice brand new tank out of the deal, if not, clean it up real nice inside and out, no better time...
ALSO for the fuel, consider a T-Tank, now is the time... and I really appreciated having the extra 3 gallons of gas myself... made a big difference in my riding range. Side note on t-tank, running the filler tube is a PITA, and you have to cut down the storage bin, there is also a thread on that subject as well, buried around here somewhere (I tried a quick search but came up blank, but I know its out there lol)
while its out, the obvious suggestions are to: clean the hull out really well, replace any/all lines that are in question, inspect everything from the motor mounts on up to the seat, make sure all cables are 100%, etc...