I agree, it might go nuts, but it can indeed work if precautions are used to make sure to limit interference sources in the boat. It has been done by many, although it is VERY rarely used anymore due to the low price of FM and DSM radios. That's why I said it is not recommended. Some things to do to eliminate sources of interference are: use a good resistor type spark plug, eliminate spark jumping by making sure your plug wire is good as well as proper grounding of ignition parts, often times it is preferred to also ground engine to stuffing tube, placing antenna as far away from ignition sources and metal objects in boat (such as tuned pipe) and keeping antenna at proper tuned length, NOT bringing into the radio box wires leading to ignition system (such as kill swithces), making sure the flywheel isn't scraping the coil... There is some good information on radios in the Ressources section:
www.modelgasboats.com/Resource...Tricks/Antenna/
www.modelgasboats.com/Resource...roubleshooting/
Scroll down, a lot of information on radios and electronics troubleshooting.