Re: 3.0 mercruiser prop
The most important consideration when choosing a prop is to make sure that you don't lug the motor. You don't want to over-rev, either, but I have seen many, many more motors damaged by over-propping.
A lower-pitched prop will allow the motor to wind up more freely and will give you better holeshot performance. A higher pitch will give you more top end, but only up to a point. It's a balance that depends on a number of factors that include how much weight you put in the boat and what it's primary use is. For example, if you do a lot of skiing, it makes sense to use a lower pitch to get that power at the bottom end.
W.O.T. means wide open throttle rpm, and that's what you need to know. Take the boat out with the prop you have, with a normal load, and run it wide-open, even if you are not in the habit of doing so. The '87 140 has a w.o.t. range of 4200-4600. You need to be in that range. A little bit over is better than under. From there you can determine what you need, based on the prop you have.
As a rule of thumb, figure that 1 inch of pitch equals 250 rpm, give or take. For example, if you are running 3900 with a 19 pitch, a 17 will bring you up around 4400. If you ski with it, aim for the high end of the range - 4800 won't hurt it. You may end up using a different prop depending on how you use the boat.