I had a 1999 272 cuddy with the 350 magnum MPI motor / Bravo 3 for four seasons and it was a great boat for skiing / kneeboarding / tubing.
With 4 people and around 75 gallons of gas, it would plane out at about 18 - 22 MPH which was great for kneeboarding and wakeboarding. It was a bit slow out of the hole for slalom skiing but once you get used to the time to plane, it wasn't bad.
The wake was nice about 50 or so feet back and was about 12" or so high with a nice curl and between the wakes was a nice flat table with little turbulence so it was easy to hang on when hitting other boat's wakes.
With the 350 magnum motor, I'd go through 30-40 gallons (easily) in about 4-5 hours of water sports - the 272 is a big heavy boat and will burn through some fuel with all the stopping and starting. With the 454, your fuel burn will be close to the same - the big block weighs in around 100 to 150 pounds more than the small block and the horsepower is rating for the 7.4 MPI was 310 prop shaft horsepower (PHP) and the 350 Mag MPI motor was rated at 300 prop shaft horsepower so the difference is only 10 PHP with an additional 100 to 150 pounds of weight. The real gain is in the torque – the big block produces more torque at a lower RPM than the 350 Mag MPI motor.
The open exhaust vs. closed exhaust – the actual performance gains on the 272 will be marginal at best – the open exhaust just reduces exhaust backpressure and allows the engine to breath a bit easier than having to shove all the exhaust through the prop. Less backpressure = increased air flow and increased air flow = more HP but on this style boat, you really won’t notice much of a difference (maybe a mile per hour or two faster with the exhaust open) but it’ll sound cool as hell! Nothing like the sound of open exhaust on a big block Chevy engine!
http://www.perfprotech.com/store/catalog/Mercruiser-Marine-Technical-Product-Specifications-and-Diagrams,5886.aspxHere’s a link for what the wake on the 272 will look like at about 25 MPH.
http://s968.photobucket.com/albums/ae167/frodo13056/?action=view¤t=272Tubing.jpgSteve