An engine is an air pump. It will only make power for the available air it can pull. If you restrict the incoming air, you will restrict the power to be made . The engine will waste energy fighting for air. One of the very first things I do when I start a new tuning project is ck for avail air intake. In an ideal world, you will have 10-20% excess intake avail.
As we all know, this is not the case with a lot of todays aftermarket hulls. Competition boats run multiple large breathers to extract every last bit of avail power. The rec/ freeride world not so much. You need to find a balance between enough air, and minimal water intrusion. So tuning suffers. In my experience, jetting is effected by restricted airflow. However, not to the degree you would expect. Engines tend to run fuel rich, due to Oxy poor environments.
Im sure the next series of questions will be about calculating needed air for any given motor? Sure, you can do all the CFM calcs at given rpm vs breather tube sizes vs engine compartment volumes. Unfortunately, I dont have time for that! I just use a simple Manometer at both hood intake and pole breather entrance to see where I'm at and add accordingly. Kudo’s to the OP for his water tube! Like your way of thinking!