5250 for WOT rpms upper recommended limit from the book. Even without propping for water skiing, you are at the bottom of the range and starting to lug the engine which results in poor performance, carbon build up, fouled plugs and hard starting. Due to the physics of the 2 stroke where the HP per charge has to be realized in the first half of the power stroke you need to run rpms since you don't have cubic inches nor the lugging ability like you would have in a 4 stroke, like a diesel: low rpms, long stroke, power all the way down sort of thing. Your engine is 113 cu in putting out 115 hp usually measured at the center of the operating range. I'd say you need the 19 for current use and drop down to a 17 if you want to ski. 21 to 19 is 2" drop at 200 per inch is +400 rpm added to your current 4500 puts you up at 4900 and much closer to where you need to be in the first place.
I have been running Mercs in this hp range at 5500 to 6000 WPT since 1989; nothing special just stock engines. They love it, have no problems with them, great performance, and haven't lost an engine yet.
I ran a 19 ported Laser SS on my 17' Ranger with a 115 tower which is a pad boat and ran 6000 at WOT all day long. Had it for 7 years and sold it to my BIL. Only thing I did was to replace the water jacket cover over the cylinders due to a water leak. Don't even remember replacing the impeller. Due to the port, my son (alone in the boat) could easily pull me up (250#) on a slalom. It had a 2:1 gear ratio like your engine.
HTH,
Mark