so here is the update....
after the new wear ring was installed, and a new neoprene seal was put in, the pump to hull was sealed with "the right stuff" and the pump to the venturi was sealed with "the right stuff" -- the boat hooks up super fast, tops out at 46 mph... i also cleaned both carbs out and setup the idle and low-speed screws prior to doing this.. so both motor run strong at 7k. the boat is much more fun to drive now and it's not a problem to get on plane. so the other pump/weat ring looks "ok" -- but it is definitely slightly worn.. so I think after the winter I'm going to do that one too.
for someone who hasn't done the wear ring/changed the pump oil... go for it.. it's really not that hard at all, and doesn't take that long.. I'm sure I could do it now in 60-90mins easy since I pretty much had to do the job twice in two days (since I forgot to put the driveshaft boot back on). putting the wear ring in the freezer makes it SO SO SO easy to install.. just slips right in.
also, I used a jigsaw with a small med/fine blade and it was pretty easy to cut the old ring out... just be careful not to go into the pump housing.. keep cutting a little bit at a time, then wedge a flathead screwdriver under the old right and keep prying.. it will "pop" and the seam will break.. then it is really easy to get out.
hit me up if you have any problems... thanks for all the help/advice guys!