A pegged tach usually means it's history. A couple things you can check. First, make sure you have 12V between purple and black on the back side of the tach (I and G). Then, with the engine running, you should see around 5V between gray and black (S and G). If you have both, you need a new tach...
If not, make sure all the nuts on the backside are good and tight. You've got a '97, a 15 year old boat. Stuff DOES crap out...