150hp in a 320lb oem SJ plus a 160lb rider is 480lbs/150hp or 3.2lbs/hp.
Take 40lbs off the ski with the same engine, that would be 440lbs/150hp or 2.93lbs/hp.
To get that same weight/power ratio with an oem hull, you'd have to have 163.6hp.
However, a power trick like a flatwater backy is not about peak hp, it's torque, so a longer stroke is going to help, along with more compression, total loss, the right pump setup, etc.
I think a 7mm 85mm powervalve Lamey with a light rider on a shortened oem hull could possibly do it. Parr was getting fairly close on his heavy, stock length oem hull with a 5mm.