Rave....
No....you should actually hear the tapping as soon as you start up. The RAVE is closest to the piston at idle. When you increase the throttle, increasing the exhaust gas pressure, the bellows begins to build pressure in it till it overcomes the spring tension, then begins to lift the RAVE guillotine (slide) valve, making the exhaust port bigger. So, at WOT, the RAVE should actually be further away from it.
Also, if the tapping was the RAVE being hit by the piston, I'd want to see that slide valve. If the boat is with the mechanic now and you ask, if he's honest, he'll show you yours. But, if there was no damage to your RAVE and he's not honest, he'll show you one from a damaged boat.
I'm very much a pessimist when it comes to marine mechanics. I find it very hard to trust them. It's a shame because I know there are good ones out there who have their reputation tarnished by all the others that want to screw customers around.........but in your case, the ride and diagnosis sounds fair.