I am thinking you would be fine and you have nothing to lose besides the time for a swap. My 23 Sceptre originally came with a 233 Mercruiser I/O. I seriously doubt that clunky 351 2bbl ever got much above 215 at the crankshaft, no way did it get very much at the prop. It weighed about 600 lbs more than the Zuke and the pre-Alpha drive was mounted WAY deep. We played with props a bit but probably not enough and prop tech was not too advanced then. Still got ~35-40mph WOT and comfortably cruised about 25-28. If it gets snotty you won't be going fast so you won't need much HP to run about 15mph and you could probably stay on plane at 12-14 with the light OB.
My calcs say that it takes a bit over 110HP at the prop to get a light/normally loaded 23 on plane (maybe less w an OB) and probably just a bit more for a comfortable cruise.
I would run Crouch's with a constant of about 230-240 with that setup though.
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