Full disclosure, I know very little so I'm here to learn as well but I can tell you about setback pumps and trim. Setback pumps are exactly what they sound like. The pump stator in a setback pump is further "set-back" in the pump housing when compared to a traditional pump. Moving the pump stator further back in the housing allows more water to sit in the intake tract and pump tunnel and ultimately provides the pump with more water to move.
A setback pump will provide you with better hookup, and increased time producing thrust out when your pump is out of the water.
Now, my experience comes from putting a Torrent 148mm setback pump in my Superjet which I have paired with a fully built 718cc 61X/62T motor. Changing the pump from OEM 144mm to Torrent 148mm setback was a night and day difference in hookup on the ski. I don't know that I would consider it a must have on a Superjet when considering the total cost of install (pump, driveshaft, impeller...etc) but the opportunity arose and I have pretty much everything you can do done to my Superjet (with the exception of more cc's) so I pulled the trigger.
In my opinion if you're building a new ski for flatwater freestyle it's a no brainer that you want a setback pump.
Someone else will need to chime in here but you specifically mention picking up a 155 to pair with a stock 701. You may find that a stock 701 will not push enough water to fully utilize the 155 which will ultimately lead to worse performance until you pair it with a motor that can really move water. Also you're very likely going to need to buy another impeller or have someone seriously re-pitch your impeller once you move to big power, so keep that in mind.
Trim systems are easy. The go-to bang for your buck is the
"OG" X-Scream Trim System and it is the defacto budget trim system as its simple, provides good trim, and little blow-by when paired with a B-Pipe Silicone Coupler. If you want to be fancy fancy both
X-Scream and
Pitch Components make a kickass billet trim system that will make you drool and either would be a great choice.