Hi, Derek.
I've been trailer-boating for years (decades), and until I got my current bigger (power) trailer-boat, my 240's have been fine.

The 240 in general is very suitable for towing -- the only drawback is on a slippery boat ramp (more on that below) -- and I've also towed the 2nd smallest (tandem axle) U-Haul, fully loaded with my daughter's college dorm stuff, up moderate mountains (CT and MA).

And of course I've towed a Precision P-18, and later a P21 (both cuddy-cabin sailboats), as well as a SugarSand Tango 4+2 jetboat (bowrider), and launched/recovered them at the boat launch ramps, too. Currently, I've got a much smaller American 16.5 sailboat (open cockpit) that I pull with the 240, too (The 16.5 is a featherweight compared to the P18 and P21, not to mention the SugarSand).
But I've also recently (a few years ago) got a SeaRay 200CC (a cuddy-cabin I/O), much heavier than the sailboats, and although I towed it with the 240 easily between home and the dealer (for servicing, etc.), I won't use the 240 to launch/recover it on a ramp. For that, I use a big, old 4WD (with locking front and rear diffs) instead.

The problem is that launch ramps are usually slippery (at least the ones on tidal waters that I use, especially as the tide ebbs and leaves a wet surface covered with algae) and which puts the car's rear wheels on a slippery surface, and you may not be able to pull a heavy boat/trailer up the ramp (and why a 4WD with center locking and with front wheels reaching the drier upper part of the ramp has an advantage -- although FWD isn't good for other reasons).

Moreover, and this depends on the slope of the particular ramp you will use (they're all different) as well as the length of the tongue of your trailer, you may have to back your 240 too far into the water to launch/recover your boat on the trailer. This mainly depends on how far into the water your trailer must go to let the boat float on/off. If your trailer has to go far into the water, and the slope is shallow, you'll find your car's tailpipe submerged (and may strangle or even flood your engine -- not a good thing!). A long tongue, and a steep slope, lessens these problems, of course, but the steep slope also makes it somewhat harder to pull your boat/trailer out.
Of course, a tall (high ground-clearance SUV) mitigates this problem, as it can back farther into the water without submerging its tailpipe.

Get back to me for any more info -- I'm glad to help (actually, I'm obliged by oath ... I'm a member of the US Coast Guard Auxiliary as well as of the US Power Squadrons, and a Certified Safe Boating Instructor in both.

And by the way, since you're going to "power", do you need to take a boating course (some states require it for powerboats) -- let me know and I'll help you find a course nearby.

Best regards,

Ken