I had a 1963 boat and it had a Coast Guard plate on the transom stating among other things the maximum hp (45hp on a 14'). I'd check for this limit and get as close to it as you can without going over it.
If there is no plate then refer to the formulas in this Coast Guard document:
http://edocket.access.gpo.gov/cfr_20...3cfr183.53.pdf. For instance if you have a 17' long by 6.5' wide boat with a 20.5" transom then you'd end up with 17*6.5*2-90=131. Then they allow you to round up to 135hp.
Depending on how steep the deadrise on this boat is you might get by with as little as 75hp as long as you make some concessions, but you'll be able to have more people in the boat with more hp. If the hull can handle 150hp you'll be able to pull up a slalom skier even with a fairly full load.
FYI, You'll be better off with this boat staying away from 4-strokes. This boat was built for light 2-strokes and a 4-stroke will make the stern ride too low.