Hi Dicky, everyone will have their personal preference on how to power the boat. I am biased to brushless and lipo batteries , and this is just my opinion!
My 3 foot aerokits fireboat is powered by a graupner 700 bb turbo, 9.6v, running on 19.2v, and 45mm propshop cleaver 3 blade prop, and a gearbox reducer, its fast for 15 mins, and is over scale speed. If it was direct drive, on say 14 volts, it would be very acceptable speed. That setup, approx £15 for motor, a good electronise 35amp speed controller, £35, two 7.2v lipo battery packs, or two 7.4volt nimh packs, probably £12 each (all approximate). You could use a plastic 2 blade "x" prop, £1.50, and have a reasonable set up, this is all a brushed setup.
My current build is a 4 foot aerokits fireboat restoration. THis is a completely different set up. Twin screw, direct drive, brushless 900kv motors (£14 each from giant cod, UK seller) two reversing Turnigy speed controllers (£25 each) and will run on 14.4 volts per motor, so 4 2 cell lipo packs, 2 per motor, approx £10 each. This will be a brushless setup, much faster than the other one, more serious, and more money, but thats the way I like them, fast!
As HS93 has suggested, go on the fireboat website, look at all the videops, and pick what suits you in terms of performance, then you will have a good idea what to do, then, keep an eye on ebay for some bargains with motors etc, I got two Align brushless motors for my Huntsman, should have been £80 each, for £15 and £25, risk was second hand, but rc helicopter motors are usually less stressed than boat motors so it was worth the gamble!

The smaller boat, with simple direct drive pictured here
