What's on the boat is better than what he gave you from what I see in the pics. You've got the split bowl, with a wedge, which is not a big plus depending on what you're trying to do, and a diverter. That is the setup to have as a baseline. Down the road, I'd pull the wedge and put a droop snoot on as that will lower your thrust line and should give you more top end as you'll have less boat in the water in theory.

I wouldn't waste time on anything Olds in a boat. They have oiling problems, and while there are work arounds, like adding extra drain lines to the heads, restricting oil flow to the top end, you'll be time and money ahead to off that stuff and got with a big block Chevy, where parts are much more affordable and readily available. There are some die hard Olds guys out there, and the parts are getting harder to come by, so they may be worth something to the right person.