Running at WOT is great, until you need to fix something that breaks. I know a guy who used to run his 5.0 Mercruiser WOT when ever he could and some times for hours. It lasted for at least two seasons that like.
I run aroung 3250-3500 (30-35) and when I want a turn of speed I throttle up to around 4400. At that RPM I am going about 48 MPH. I also have a 350 in my 21 footer. I have always gotten the largest motor I can afford. Once you load the boat with kids, ice chest, water toys, full fuel, dog, neighbors and their kids, misc items that boats aquire, you will need that power. I feel that your engine will last a long time where it is happiest and that should be around 75% of WOT.
A lot of things happen at full power. Your rotating assembly is taxed, oil is being pushed thru the engine hard and if something is slightly out of whack, it will get all the way out and with bad results. I have been around hot road boats for quite some time. I still have a 69 model jet boat. All these guys that run hard have engines designed to do so and they still break. They break because they run them hard. And some of these fellas have pro built engines with best quality components. Speed is fun, but it costs in fuel, wear and tear and repairs.