Richard,
I found some interesting stuff see link below :
http://forums.radiocontrolzone.com/a.../t-129487.html
Kinda sounds like you would need to be a little careful .. the hull does not seem to happy with too much power/speed.
Certainly upping to 12V would help and the 540 can take it OK. Question is whether or not the in/out drive could handle it.
However this option adds weight. A 7.2V pack weighs around 288 gms whereas a 12V pack of similar capacity weighs 482 gms. So a fair bit of the added power goes towards shoving the extra weight thru the water.
You can get 12V nicad packs from Strikalite - pricy at £46 but they are good. I've been using them for quite some time on fast charging.
http://www.strikalite.co.uk/prodcat_.../20/index.html
Best of luck in your search for ever more speed !!!!!!!