5.7
MPI vs carb is a debate that goes on forever - do what you are most comfortable with.
If you want to go fast look at a 383 stroker; same size & weight but more $ - although it is really on the upper limit for an Alpha drive.
Small block V8 has a lot more parts available than the 4.5 and although a 4.5 is an interesting idea (The 4.5 gets you ~130# weight savings), I would lean towards the 5.7 and not having to push the engine at all.
Lots of marine engine manufacturers (new and rebuilt) out there to choose from so you are not forced into a black motor unless you want it. I have had good luck with Marine Power but look around.
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