Yes… the oil will displace a small amount of fuel… but most of the older boats ran rich anyway. The 720 engines after 96 were leaned out (went from a 137.5 down to a 130 main jet)… but you should be fine.
If, you want/need more fuel… and your carbs don’t need rebuilt… then just turn out the high mixture screw a little to richen it up. You don’t “Need” to rejet.