Ultimately it comes down to what you want to do with your money, but if it were me I would probably stand pat on a boat that old. If youre looking for more speed yes I believe you can tinker with it and get another mph or two out of it, but you might need to play with props as well. If youre looking to reduce the odds of sucking in trash to prevent thermostat pluggage, then your odds wont increase. A jack plate is not a must have. Ive ran one for 15 years now and used to sell them online for a period of time. Ive had problems on a few occasions, but I would not let the potential breakdown be a deal breaker. New or newer boat yes……..5-10 yr old or older boat….No. My opinion for what its worth.Lastly, if you decide to get a hydraulic jack plate, you will need to purchase from BCB. It has a special 6 bolt pattern and a standard jack plate wont fit. Good luck with your decision.