Welcome to the forum! It's a fantastic information source and a great bunch of guys.
For ocean work the 150 is fine. I regularly have 4 on board and a kid or two, and it gets up on plane and cruises without issue. I do find that 44-4500rpm give better speed than the factory best cruise spec of 4200 for 27mph. I run a 15x15 prop for better bite and holeshot, so my speed at 4200 is about 25-26 depending on load. I prefer 28-30 for a cruise speed.
I have a PERMATRIM on my motor, nice option, and bennett tabs. Both work to improve performance substantially.
If I was going to do a lot of watersports on the lakes where I wanted more hole-shot and top end, then definately, a 200 would be desirable. Don't forget, it would burn more fuel too. I certainly would not want an old carbed 2-stroke, too much smoke, too much fuel. I'd take my f150 any day over one of those.
When I first got mine I looked into a 175 E-tec as I think that's the perfect engine for these boats, maybe even the 200 but it's more money and the 25more hp is just on the top end. But I passed because it was going to cost around five grand, give or take.
Another re-power option if you find one with an old style motor, would be a HPDI 200 take-off. They do come up for sale, anything with 5-600 hours or less would be a great candidate, and probably could be had for a good price. I've seen them for $5-$7,000. A low hour f150 is going to be in the $10K range.
I would take the '99 over a '94, although condition is everything. Still, newer is better. It's still a ten year old boat. With a '05 F150 you can't miss. What are they asking, what kind of trailer? Options?