"I'd think a Straight SAE40 or even 50 would be a good choice in those conditions."
I still think straight 50 and (especially) 20W-50 is over used in high-horsepower applications.
A couple of years ago I was talking to a local guy who raced boats years ago on Lake George in New York. I forget the crazy-horsepower figures he cited everyone was running at the time. The only oil he ran was a straight 30. Now, he didn't seem very knowledgeable about oil ... but I have to think there's at least a grain of wisdom embedded in his experience. 30 might be fine for even some seriously high-horsepower applications before any fuel dilution. So, if you race and change the oil every weekend, this might be an option.
PT1 above cited running temps of "165°F tops" ... and I totally take him at his word.
But if you go to Red Line Oil, they will tell you the following about their 'regular' 20W-50:
”Not recommended for street use in production engines that see sustained oil temperatures below 225°F (those engines should use Red Line 10W-30 or 10W-40)."
So, their 50 weight oil is for sustained temps above 225°F. That's a lot hotter than 165°F.
Assuming these 454s used in marine applications are not assembled intentionally very loose for some reason, I'd think the ideal weight is something closer to a 40 weight. A 50 weight oil will make the engine work harder as it overcomes oil hydrodynamic drag in addition to it's primary job of overcoming driveline load.
Red Line might not be factoring in fuel dilution in their recommendation above ... although many race and high-performance engines run very, very rich so maybe they are.