It's the ratings game, played by the marketing department. Crusader, Mercruiser, and nearly every other engine marinizer (in that era) bought their long blocks direct from GM, using the GM marine baseline specifications. Same heads, same pistons, same camshafts....only two ways for output rating to change: where you measure or the RPM used for the measurement.
I have the 86's as well. turns out they are identical to a Mercruiser 330 which is also the same beast as their 340 Blue Water rated package. All in all, I find the WOT HP rating somewhat irrelevant as it is the torque produced that turns the wheel. And the torque applied to the shaft will vary with the gear selected, etc, etc.