Here are a few things that you can do w/o monkeying with the motor.

1. Switch Props to a 17 pitch Mercury Mirage Plus or Enertia.

2. Raise the motor up a few holes (get the cavitation plate 2" or 3" above the bottom of the hull)

a hydraulic jack plate works even better.

3. Remove any extra weight

4. Trim Tabs

p.s. - that motor likes to be propped at 5500rpm.

when trimming the motor at WOT . . . Don't forget to raise the motor up until it starts to lose it bite and then lower it back down little by little until you get a good bite.

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Engine mods . . . if you want to kill fuel economy.

Look up posts from Ray Neudecker on screamandfly.com (also old posts from boatsetup.com)
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There are many bolt on engine mods for 2.6L Yamaha's . . .

You can make that motor put out well over 200hp if you can snag parts off an old 225 excel or 220 special.

Swap to a horizontal front half (crankcase) and intake
Swap carbs 220 special or 225 excel.
Change the Tuner and exhaust divider, heads.
remove the oil injection.
Set timing.