For anyone interested, I've just been speaking to Maritime Safety (QLD).
It seems that the HP rating doesn't really matter all that much from a "legal" perspective. By doing my research (eg weight of new motor etc), I'm already fulfillling the requiremens of the General Safety Obligation. If I can get a letterheaded document from a boat builder (or dealer) saying they reckon the boat can handle the motor, I should be right. I just need to check that this also suits the insurance company (Suncorp).
The General Safety Obligation, and it's ambiguous interpretation never ceases to amaze me.
Mike