Looks like a fun project! I should have a go at something like this; it'd probably be the only time I'd be able to say I'd bought a battered old speedboat and was fixing it up!
Incidentally, I've got 2 missiles for that rack and a depth charge if you're interested. Also, somewhere, I've got the tuning fork-looking thingies in this picture:
http://www.yojoe.com/vehicles/85/hy...ay_parts4.shtml
along with a double-pipe-thing they're attached to, but as it's only in the last 5 minutes I've even discovered they're Joe parts I have no idea where I put them...