I think you are exploring relatively new territory here and if you choose to proceed and get good results with a moderately worked 701-based motor, you will be the innovator of this territory. Any feedback here is mere speculation, except from skinnyman and the two guys who HAD (note "had", i.e. past tense) 148mm pumps and for some reason, ditched them (no derogatory tone implied here, just stating facts).
There are so many variables to play with (intake duct volume, prop/pitch, reduction nozzle, weight of boat/rider, standard/setback). Heck, I don't think anyone has it all figured out for the 140/144 pumps that we have been running for the past 10 years.
Mark at Full Throttle has also been experimenting with a 148mm for his setups too. You might want to contact him and get his input.
Keep us posted though. Looking forward to the results.