Thank you for all the input! I just picked it up last month and I am the 3rd owner. It was lift stored by the original owner and trailered by the second. Bottom is clean and no paint. The drive does have a little paint missing from being in the water, but not much corrosion. It was serviced last winter, so I am going to have it all done again this winter.
I had a 97 Four Winns 240 Horizon with a 7.4 and seemed like it had better throttle response between 4500 and 5000 rpm. I could get that one over 52 anytime. The Chaparral rides a lot better and is about 900 lbs heavier, so that may be one reason it doesn't feel as quick.
Anyways, it's a nice boat and just want a little more top end. Nice to be in a Chaparral again. My dad ordered a new 94 Signature 29 with twin 350s and that was a great boat with zero issues.