Re: what RPM do you cruise at
As a boatshop owner many years ago this was a question many of my customers would ask.... So I sat down and did some figures, and was quite surprised by what they told me. As a local magazine had just done a big article on all the different outboards on the same boat I had all the raw material I needed. This was for 20hp engines, all the makers. I mapped the fuel usage vs distance traveled. The surprise was that the best economy was at full throttle... Go figure. Yes, you burn more gallons per hour, but you also travel more miles per hour.
I have a stern drive (with a 4 stroke engine) so the figures are a little different. I mapped them a while back and found the best economy at 3300rpm, 27knots (WOT at 5000, 43 knots). At that speed the engine sounds different too. It sounds 'sweeter'... Sorry, can't be more objective...
So to answer the other part of the OP's question.... Outboard engines (the better brands

) have been race proven. That means lots of miles at WOT, they are designed to run all day every day at any speed you want. Provided your engine is not 'over-propped' then you shouldn't have any worries about damage. Your engine's making 5800rpm (as per the spec), so running at 4500 shouldn't cause any problems.
Chris.........