I replaced the stock heads (E7 maybe?) on my 1989 Prostar 351 (1:1 trans) with GT40 heads. No other improvements (a little poor at the time) and it definitely made the boat much more skiable. Felt noticeably more powerful and I gained about 3-4 mph top end too. With the old heads I always thought my boat skied "hard" compared to others. After the heads, it was much "softer" in a good way. Realized I was probably slowing it down at the pull, even with Perfect Pass classic, so it would hit me around the buoy as it sped back up. I'm not a big guy or a shortline skier, so it would have been worse if so. There are some great posts on Teamtalk (Mastercraft's site) about this, and mine is there too :)
Find a mid-90's Explorer with the 302 and pull the heads. The posts on Teamtalk will have what years work, and there are a few options on heads IIRC. Took me an afternoon at the local u-pull junkyard, cost like $40 I think. Get them cleaned up, get the headbolt holes drilled out, get a gasket set from ski-dim, spend a few weekends wrenching and enjoy the cheap power! You can also buy them new if you want instead. Mine already had electronic ignition conversion, I'd recommend that too. If you can afford it, add on a new intake and cam and you'll have great power. Good luck!
Kevin