Rattlehead said..
The 40 and 50 are the same displacement , the 60 is a different engine , so no can't turn a 40 into a 60 without spending big .$$$$
Repitch the prop.
Even outboard engines with a same block, so say the 40 and 50 can't be readily converted up in hp simply. You would need to also strip the engine and hone out exhaust outlets and air intakes, carbies, linkages, the list goes on. Their are a few engines I'm led to believe now that can be converted with a simple ECM change. But it needs to be normally a EFI, at best, fully computer controlled but even then I'm still sceptical.
A customer on a boat i have with a 90hp Suzuki changed the ECM to a 115hp and it now runs a much larger prop and pulls much harder. In fact the same as a 115 but the ECM was still a few thousand dollars, new prop so for the $3000 odd in cost it may still not have been value for money..
Hopefully that all makes sense..