It's not the gauges that are bad, its the condition of the computer, wiring and electrical system of your boat. The new boats use the same computer, and sometimes have similar problems and complaints, i.e. the malibu forum.
Yes, you can get new gauges, stick them in, and they should read something. The tach may read 1/2 speed, it may not. I know a tach driven off the PP will read 1/2 because the engine delivers 2 pulses per revolution vs. 4 for "normal" v8 engines.
I thought you were asking if you could do it for cosmetic reasons. Yes, with the exception of the tach which would require a pulse doubler circuit (little piece of perfboard with a couple of components on it)
If you have unreliable gauges right now, try running an 8 gauge red and black pair from the Perko switch/Batt up under the dash. Put a terminal or fuse block on the back wall up under the dash, run a 10 gau. red and black pair to the Plus and Minus posts on the digital switchbox (up under steering column) Put a 30-50 amp fuse near the battery in the red 8ga. wire. Fuse the 10 ga. if you plan to use a lot of accessory power from the terminal strip.