Ok.. I did all of the above, put it in the water and all is well. Spent the weekend on it and I felt confident enough to leave it in a slip at the Marina.
I did notice that the boat did seem to be sitting low in the water. I did some research and it turns out this boat originally came with a 3.0L OMC. It has a 5.0L Mercruiser in it with almost twice the motor weight of the OMC.
Am I screwed? It seems like it should be fine if I am careful with it. Anything else I should be concerned about with it having twice the motor that the hull was designed for?