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but I can't help but wonder if there are some sorts of upgrades that have become available for these thirsty beasts that could be integrated into the existing setup to up the fuel economy / performance.
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I'm not sure what your expectations are.
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You can put fuel injection or better engine controls or a new carb or exhaust on older car engines. So does the same apply with these bigger marine engines?
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Turbo chargers do a lot for performance but just about nothing for economy. Diesels already have fuel injection.
Classic boats get that way because of what they were not because you can make them more fuel efficient. Last I checked a carb on a
diesel just is never going to help,
work, or even be possible at least in a functional sense.
The
concept of fuel efficiency along with improved performance is not something you can get in a boat. They tend to be very fuel inefficient. It's not all bad because the fuel costs are the
cheap part of the operation. The analogy between cars and boats really is not very telling.