Sounds like a good plan.
When you get to the point where you're adjusting the timing.
I'm pretty sure the 2.5L Spark Advance acts like a rev limiter and automatically retards the timing once you hit 5800rpm (2.0L/2.4L mercs the spark advace module will retard the timing @ 5600rpm) People will often remove those units and manually set the timing up to 24/25 degrees.
Do a search on screamandfly.com . . . there's lots of good tips for getting the most out of your Merc.
This is a good site too.
http://www.biggerhammer.net/mercury/