Really confused..?
You kinda got me confused too. I own the 97 Challenger so I might be able to relate.
For a couple pointers, ....... if you rev your engine and the boat does not go anywhere, let off the throttle. Do not hold the throttle at high rpm without movement. The reason? The flow of the cooling system is dependant on your forward momentum. At idle, you have a low volume flow of cooling water running through the engine, the motor is under a low load, so it's not needed.
But, when you go to WOT (wide open throttle), your engine is heating up quickly and needs that forward thrust to providea a greater flow of water for cooling. So, if you were at WOT and you saw smoking, it's quite possible that smoking was steam.
When the boat will not move at higher rpm's, do not leave the throttle engage, lower the speed back to idle. The boat is not going to change anything by you just leaving it at wot......
Your bucket?.....have you checked to see if your direction cable to your bucket is working right. If your cable is off or broken, you might have your bucket at mid way, which means you can't go forward or reverse.....pretty much in neutral.
Other problems could be, wearing ring (which I know you said was just replaced, but it could have gotten damaged), impeller, shaft splines or heavy cavitation from your thru hull fitting or the stator vanes are bent up and damaged pretty bad....
So, inspect everything and holler back.......
This thread is more a trouble shoot thread than a "meet and greet" so I"m going to move it to the boat section.............>>Good luck!....:cheers: