1984 CC Exhaust hose failure and other maintenance

I just picked up an 1884 Ski Nautique Correct Craft with 600 hours and a 351 ford and now the problems are starting.
      I was told that it needed a cutlass bearing so I did that and it went well the old one was worn out and giving some vibrations. First time out after that all seemed well no vibrations until some lack of power and then bang the left exhaust hose blew apart right behind the manifold. The engine quit. Thought I could run it back to the dock I was planning on leaving the engine cowl open and I figured the pump could keep up with the water from the now leaking exhaust but it would not start. Imagine how I felt being towed back by a Bayliner.
     Back on the trailer with water hooked up the engine starts and runs fine. Looking at the exhaust hose it looks as if it was coming apart almost swelling up from Heat or chemicals. This swelling damage was down the entire length of the hose restricting flow. I pulled the other side and the same thing but much smaller only the first 6 inches. Has any one seen this? Is there something else that could be wrong causing this? Lack of water flow or over heated in the past the temp now is always right around 160. The hoses are dated 2001 is this the life expectancy? I am thinking on ordering all new hoses bow to stern to eliminate all possible future failures.
     When I bought the boat I was told the oil was just changed the points and belts were a year old and the plugs were two years old. Beyond that I have no other maintenance history. Any other ideas on preventive maintenance or time change components that should be addressed now?

MK, welcome to the site and a new way to spend money.The hose issue sounds like a overheat problem before your ownership.
Now is the time to replace all the hoses and belts, they have lasted beyond their service life. Spend a little time under the cover to assure the tow will be repaid,CC's are good tow boats.
A good test of an overheat is to feel the exhaust hose,cool to the touch is GOOD,Hot is Not...........Billy