Ken, I think I found the correct information on your boat and motor I show it to be 18' with a 135 HP Mercruiser engine that turns between 4,400 and 4,800 RPM at WOT, with a 1.94 Gear Ratio. It weighs about 2,000 pounds empty, I added 25 gallons of gas 2 adults and 1 child and various other weights to come to a total of 2,800 pounds fully loaded. Please check this and let me know if it is right, because if it is wrong then the informtaion I am about to give you is wrong.
When I run this through my formulas I find that at 4,500 RPM with a 17" prop you should be running about 34 MPH with 9% Slip ratio if your tach is correct. My opinion is you are probably running a theoretical 17" prop at this time, beause the numbers are almost spot on to what you are getting right now.
When I also calculate which prop you should be running I come up with 19" prop in aluminum, it should run right at maximum RPM of 4,800 and about 40 MPH if you use the same manufacturer and model of prop you are using now, but since you don't have the speed and RPM at wide open throttle I can't be positive. MikDee could be right with the 21" pitch, but I believe that I am correct with with the 19" prop. If you can borrow a 19" or 21" to try you will find out very quickly which one is right.
I hope this helps you with your quest for the right propeller.
H