Sell it and get a 2008 or newer hull. I hate to be a pessimist but there is no point in building an older one to race this class. The newer ones handle 10x better around a course which is especially important in a class where everyone is essentially capped at the same speed.
After finding a 2008+ ski, you’ll likely want all the standard stuff like intake grate, ride plate, handlepole, steering setup, some sort of sponsons (front, rear, or both), flame arrestors, msd enhancer, 760 top end, ect. There are lots of other tips and tricks here and there to get the absolute most out of them.
In short, the engine internals, pump, nozzle, and exhaust cannot be modified in lites class, but can be “finessed” a little if that makes sense. You are allowed to bore the cylinder and use larger pistons, use custom engine gaskets, add exhaust inserts, swap nozzles, ect.
The absolute fastest lites superjets are hanging out in the 52mph range, a nice jump up from 46mph out of the box, but you can’t just bolt on parts and get that speed. It takes a decent amount of time to configure every part and tune the entire setup to near perfection.