Well I’ve actually got a 95, which is very similar but uses the 657X rather than the 720’s that you’ve got. I’ll go through the list of mechanical items here and I’m sure someone will jump in with anything I miss.
1. Fuel lines. I don’t believe the Speedsters came with much of the grey tempo lines, other than the hoses that run between the carbs themselves. Anywhere you see it, it needs to come out and be replaced though.
2. Replace your fuel selector switches. They are a pain to get to on these boats, but they are a common point of failure, so go ahead and get new ones. They’re inexpensive and hard to get to, so don’t even bother with trying to clean them.
3. Replace the filters and O-Rings in the water separators. This is another inexpensive item that is prone to causing air leaks in the fuel system.
4. Carburetors. Clean and rebuild the carbs using genuine Mikuni rebuild kits and new needles/seats. Follow the carb rebuild sticky in the 2-stroke PWC section of the forum. It’s extremely important that you use the correct OEM parts for this. The aftermarket kits are junk, and you’ll be doing the job over if you use them.
5. Oil/Lines. If you’re not sure what oil is being used, empty and clean the oil tank and flush the rotary valve cavity. Then replace the oil with an API-TC rated oil. There are several out there, but you can’t go wrong with the XPS Carb 2T oil from Bombardier. You’re also going to want to replace the 3/32” tygon oil lines that run from the pump to the manifold under the carbs. Don’t worry about the large feed lines, but the small ones should be changed.
6. Wear ring. Take a flashlight and crawl under the boat while on the trailer. Look up through the intake grate to where the impeller is located. There is a plastic ring that surrounds the blades. It should be smooth and free from gouges or missing chunks. The tolerance between the impeller blades and the wear ring should be somewhere between the width of a few sheets of paper and a dime. If it’s more than that, you’ll need to replace it.
7. Pump oil. Pull the reverse bucket and nozzle off of the pump assembly, and remove the black cone mounted to the center of the pump. This will drain oil, so have something underneath it. Check for milky oil or water in what drains out. Also look at the bearings for any sign of wear or binding. If that looks good, replace the cone and use the hole with a set screw plugging it to refil the cone with a synthetic gear oil.
I’m sure I’m missing some things here and there, but that should get you up and running as long as everything is in decent mechanical shape.