Re: room for improvement?
No. It is about HULL efficiency, not engine. Also, marine engines almost never operate at Peak Torque, so Peak Torque RPM is not really relevant. The only time you are operating any engine at max torque (any RPM) is with the throttle 100% mashed . . .

If you had a continuously variable transmission (CVT) you could make these types of adjustments/decisions. The fact is that you have a single gear, so you just can't make it good for efficiency and then good for Power. If you did prop it for cruising at a very economical RPM while lugging more (Peak Torque type deal) Then you would:
a) Burn valves and
b) never get on plane
Are you sure that is a 17" diameter? Seems too big . . . If I were you I would try a three blade stainless of the same pitch or one inch more. I believe your recommended WOT rpm is 4600 max, so there is some room to slow the RPM down, could go as much as 3 inches if your numbers are right, HOWEVER, if she struggles at all to plane as is, this will make it worse. Three blades are most efficient.
You should maybe consider trim tabs if you can't maintain a good plane slower than 26 MPH.