All the current brushless motors can be mounted on your K&B drive with this adapter:
http://hyperprod.bizhosting.com/7_5_electric_outboard_conversion_kit.html
An outrunner motor like this will give you a little more (around 15,000 loaded)rpm:
http://www.hobbyking.com/hobbyking/store/uh_viewItem.asp?idProduct=11102
This battery
http://www.hobbyking.com/hobbyking/store/uh_viewItem.asp?idProduct=9963 with this speed control
http://www.hobbyking.com/hobbyking/store/uh_viewItem.asp?idProduct=8946 should run your boat at least as well as it does now. It's hard to predict how long everything will run without knowing the current draw. This setup can handle 80 amps which would only give you 3 minutes running time. A draw of 5 amps would give you nearly an hour. It all depends on the prop. Putting more batteries in parallel gives you more run time. Each pack will run about an hour at 5 amps, so two packs would support 10 amps for an hour.
You will need bullet connectors like these
http://www.hobbyking.com/hobbyking/store/uh_viewItem.asp?idProduct=2087 and a balancing charger like this
http://www.hobbyking.com/hobbyking/store/uh_viewItem.asp?idProduct=14857 That charger will take an hour to charge each battery. Better chargers can charge two batteries in 1/2 hour.
Lithium polymer batteries are much tougher than lead acid batteries. They maintain their voltage even under high current draws. They have limitations, though. Their shelf life is around 2 years regardless of use. They MUST be charged with a balancing charger. Their very low internal resistance means that they discharge VERY quickly if shorted. They are expensive. I think you can run the above motor and speed control with lead acid batteries. The performance will be poorer since the lithium polymer battery will hold close to 15 volts for most of the discharge cycle.
Lohring Miller