The shape of entry would have to be fair, which means that you would have to add some filler, or the turbulence and extra skin drag will slow you down. Also take care that the fore-aft trim is still OK.
Since the beam to length ratio isn't going to change a whole lot your speed at best will increase by sqrt(17/16), say 3%. Your effort will also have to increae to overcome extra skin drag. Whether that is worth it is your call, but if it means beating the guy in the next lane ...
As an afterthought, I have a 12' canoe, my design and construction, and a 13' plastic kayak that is claimed to have racing heritage. At a level of effort that I can maintain the canoe has the legs of the kayak; but when sprinting the kayak is slightly faster.