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Good question... I'm not sure. I'd trust danimal's perspective above that it makes a bigger difference on the v-drives though.

Weight will definitely make the a more noticeable difference in wake when compared to a wakeplate. However I use my wakeplate constantly to adjust the boat's attitude. I get a better hole shot by...

Seems like a great upgrade to me. Since you're starting fresh I would go electric like Moomba did starting in 09. Easier install and more reliable.