There are a couple schools of thought on this. In many ways when you buy a Grady you know up front these boats are not speed racers, they are built for comfort. I am in Brian's camp for the most part. When I had my 192 it was rated for a 200 and I had Yammy F150. Loved the boat.
On the other hand a friend of mine had an early 330 with factory rigged twin 225s . The boat was rated for 500 and he repowered with lighter F300s. There was a huge difference in overall performance.
Then you have the legal side of things. When I repowered with a new 4.2 liter I wanted the F300. My placard says 250 hp rating. Today you can buy a new 228 with a F300 but in 09 250 was the max. If we are to believe Grady's are solidly built over engineered one would think lighter stronger HP of only 100 more is not going to harm the boat. Grady will advise against it for legal issues. Say you get in an accident and there is a loss of life. If you are over powered I suspect a prosecutor may make that an issue among many. There is no way Grady would advise anyone to over power above the placard . Legally they don't want the liability that may arise in either civil or criminal court.
Your insurance company may or may not care. Mine asks the top speed of the boat not the horse power per se. They ask about it for loss more than liability I think. I could be wrong. They never have asked what does the placard say versus what's on the stern.
I rarely run WOT . The more HP would he beneficial say with a full load, in rough seas with added low end torque and water sports. I noticed improvement going from a 3.3 L to 4.2 L in terms of low end performance with a full crew of 8 on the lake.
So, the question is how do plan to use the Gulfy? Is it just you a couple buddies fishing? Then twin 150s are great. If you want to take a full crew all the time , then more HP couldn't hurt.
Good luck