Let's look at the symptoms as I understand them from the description - the engines run fine at idle, fine at cruise, but will not achieve the proper WOT RPM which, for 454 engines is probably 4000 to 4400 RPM - check the manual to be sure.
We'll assume the props are suitable to get the engine into this range if they are running properly. It would be useful first to know the actual RPM the engines will turn at WOT but absent that...
Some possibilities occur to me and I'd check in this order, progressing if the current item didn't fix the problem:
CHECK THE SPARK PLUG WIRES CAREFULLY TO ENSURE THEY GO FROM THE PROPER TERMINAL ON THE CAP TO THE PROPER PLUG. Ah, you say, but if they are wrong, the engine will missfire badly. Not so! The firing order for these engines is 18436
572 (and the reverse for the other engine depending on whether the engine or the tranny takes care of having counter-rotating props) . The 5 and 7 wires can be exchanged and the engine will run quite well. It won't make the power it is supposed to but it won't noticeably misfire. I have seen this on numerous occasions - check it.
Check that the choke plates are full open when the engines are warmed up. If they're not, they will cause the engine to run very rich and produce black smoke from the exhaust.
Try another WOT run with the air filter/flame arrestor removed from the engines (the usual safety blah-blahs applies). Any difference? If yes - clean or replace them. If no, they are not causing an air restriction. If possible, while this WOT run is happening, LOOK down into the carb throats to see that the primary throttle valves (small butterflies) and the secondary throttle valves (big butterflies) are wide open. The air valve secondaries - the big butterflies at the top of the large secondary venturis will not normally open at all by just reving up the engine at the dock, there has to be a load. The secondaries are air valve/metering rod devices. There is no direct mechanical inkage opening them. If they arent' opening fully there is a clogged passage, air leak, or other such problem that can only be sorted out by disassembly and cleaning.
You said the ignitions were new and the timing was correct so I'll ignore that part except check the timing again. Too advanced, it will ping a lot, too retarded and it will overheat and not make much power. There are a lot of different timing specs - check the manual but the old standard was always 10 degrees BTDC which was normally a touch more advance than oem and worked very well.
It's also worth pulling one spark plug, hooking the wire back up to it, and laying the plug it on the intake manifold, preferably on an unpainted area. Crank the engine and see that you get a good BLUE spark jumping between the electrode and the rim of the plug. If you get a red or orange spark, there is likely a problem in the primary ignition circuit that could limit the engines ability to fire the plug at high power settings - although this will normally produce an obvious misfire.
Next, I'm going to make the dangerous assumption that no one has changed the carbs' (Rochester Quadrajets, I assume - not a favorite of mine...) main jets, or metering rods to other than oem...
Too much fuel (rich) or insufficient fuel (lean)? Both could cause the problem although insufficient fuel is more common. If the float setting - as noted by Garyd - is too low, the float bowls cannot be refilled by the oem pump fast enough at WOT to keep up with the demand (although a high volume aftermarket pump could probably do it). The floats act upon a viton-tipped needle that projects into the opening where the fuel enters the carb. When the float rises high enough, it shuts off the fuel flow into the carb. When it drops, it opens the flow. If the float is set too high, it won't usually cause a problem unless it is so high that fuel actually overflows the bowl and spills into the venturi. But if this is the case, it will be worst at idle and low RPM - usually stalling the engine.
The float setting actually has nearly no influence on the metering of the carburetor - the float's function is simply to ensure that the proper amount of fuel is in the float bowls at all times. As long as sufficient fuel is avaialble to cover the main jets and not overflow into the venturis there is no useful difference in carb metering by changing the level on other than an all-out race engine. So this long winded explanation is headed toward - check the float levels.
The rest might be worth looking at and then next one is something you should repair at some point...
Now to a standard Q-jet problem - leaking casting plugs. If you have Q-jets and you haven't done or had this mod done, do it when you partially disassemble the carb to check the float levels... just keep disassembling.
Note: Leaking casting plugs create an over-rich mixture and like many over-rich problems will commonly show up worse at idle and low speed than at high speed.
There are a ton of websites that describe this problem and the repair. Type a search on "Quadrajet leaks" and you will find a description of how to fix them with epoxy. I found this site and it's as good as any:
http://www.carcraft.com/howto/57178/ Ignore the upfront blather about how it's really a great carb! The section you want is about half way through the article.
Any epoxy will probably work but I always used JB Weld for this fix when I couldn't convince people to replace Q-jets with Holleys or there was no choice but to use the oem carbs as required in Stock or Super Stock classes.
There can be other problems that can cause the symptoms - jumped timing chains, or improper valve timing when a chain was replaced. for example. But these seem unlikely to me - especially if both engines are acting the same way. If the same person rebuilt both carbs or redid the tune-up/spark plug wires/timing, etc. it's possible they duplicated the same operation on both engines.
Your question regarding the valves...I don't think this is very likely. They are hydraulic lifters so there are no settings to adjust unless some dummy changed them to solids (Yeah, if someone did that they were a dummy, tell 'em I said so!) Of course, if the hydraulics were replaced or the valve trains removed and the lifters not reinstalled and bled correctly, you could have some valves that are not fully seating and are essentially leaking. If this happend you would not be getting the appropriate power.
I wouldn't bother with alleged performance-enhancing bolt-on engine mods of any kind. Frankly. much as I hate 'em, I'd even leave the Q-jets on (I did on my last boat) but I would definitely perform the epoxy repair.
Let us know how it's going!