If you have an accident then its the first thing they check and the first observation in the report?
Your insurance wont cover it even though you may get insurance without many questions. You haven't mentioned the the force on the transome either.
I think its great to have fun, but you have to think what if.....
The best thing for that rib is to buy it, take the engine off and fit the correct hp one and then sell it.
Then buy yourself a ex mod SR5.4 and build a nice safe boat.
(I'll get me tin hat)