I had an 03 PIII and loved it. It was a great boat and sometimes wish I still had it. The only complaint was the hole shot. The 2.5 EFI Mercury did not have quite enough punch on the low end. Otherwise great.
I had two reverse light factory installed on my trailer, and they are a life saver. Backing anywhere after dark they are wonferful. If you are going to the trouble, I would add two.