Todd,
I'm a bit confused. You have differing information in two different posts about the same issue.
Your other post says you're getting 36MPH @4200 RPM. This one says 36MPH @4600 RPM.
While neither one is right, the difference in the WOT RPM may point to a totally different issue so confirmation of which one is right would be helpful.
You say that it starts and runs good and the state of tune "seems" to be good. What a state of tune tells you by the "seat of your pants" and what it truly is are two different things. What is your base timing set at? Total timing should be someplace around 36 degrees and all in by 2500-3K RPM. Sticky or broken weight springs could prevent proper advancing. When was the last time you actually did a tune up? What type ignition is in here? What do the plugs look like?
As Ron states a carb issue may be the culprit.
I don't think a prop will do you a lot of good until you can truly rule out ignition and carb adjustments. If it hasn't been done in a while I would suggest a good tune up. Plugs, cap, rotor, points (if equipped) and possibly wires. It's a whole lot cheaper than a new prop and it never hurts.
FYI, I have a friend with an 88 Sanger w/350 Mercruiser that is exceptionally fussy about the timing. A degree off in either direction completely changes performance. I've never experienced such a touchy timing beast.