I am amazed at how little data we have on our small engines. I work on commercial engines up to 33,000HP and it amazes me. Yes these small high speed engines that we run, one hiccup and boom they are done. It is hard to tell before something happens that it is happening. Talking diesels here...
You really need to have an exhaust pyrometer, easy install on almost all engines. A boost pressure gauge to tell how the turbo is working. Those temp switches going to a single alarm are great on the exhaust elbow, first sign you'll probably see if you have a salt water cooler issue. Of course the list goes on from here too. I really like a remote gauge on my fuel filter too, simply because so many times in the middle of the night coming into a harbor after a 3 day trip, knowing I burnt through one tank and at the end of another, having to open up the engine hatch and take a look.
I am not dead familiar with dry exhaust on small vessels but we deal with it all the time on ships. I think one issue that wasn't addressed is the cooling issue. Yes you can put a keel cooler on, do fancy things to dress it into the hull etc. I do think that you do not get the same cooling capacity though for our higher horsepower engine's. I know several commercial boats that have them but they are doing 8-12knots. I think there is a thermal issue with getting enough surface area for the heat generated at those higher speeds. That combined with drag I think you have that lower horsepower where you see this application. In the back of my mind too, I also know from working with steam plants, that if your rate of flow is to fast, you get less thermal transfer and wonder, but not proven, if you are doing 20 knots, if that just isnt there. The other thing when you start going faster less boat is in the water even in some displacment. Our H&H 40, had a thruhull just by the helm area and would get air in it in rough weather because the wave would fall out from the boat at speed. Generally thinking that could be another issue.
Now the dry exhaust part has always intriqued me as I am used it and has great reports if done correctly of extending turbo life. I think its neat too because you can rig it to be a little bit of a simple heater for cold operations.
The other thing, haven't touched on this lets talk tuna trolling. I've heard boats with dry exhaust have fish coming right to the back of the boat. Mind you, in our old H&H 40 we had that too. Matter of fact one day we had a 400lb blue marlin eat a 18" Moldcraft less than 3 feet off our transom right behind our exhaust...
Just my two cents, I do not always have it right, but I do play a Chief Engineer in the Merchant Marine...