John. Welcome to the forum! A quick search shows a number of builds on the old internet, didn’t look hard, I presume some of the must detail what gear they used.
For something like this, a fast boat, you will likely want a brushless motor, so a 35mm one say 1400-ish Kv might do on a LiPo battery, 3s.
The combinations are unfortunately endless and no one setup is “right”. I don’t know how big or heavy it is, but even 28mm motors at 200 watts and 1450 ish Kv might also be ok. Bearing in mind a 600/700 motor (generally) puts out nothing like 200 watts and a 28mm motor is 1/4 the weight.
Aircraft esc are ok if you don’t want reverse, current rating to overmatch the motor max rating by 50% or so would be suitable, or use a car reversing brushless one, Ora pukka marine esc.
Any servo will do. Standard ones or small ones.
Ashley