Re: same outdrives?
double check by looking for the stamped number on the port side of the upper drive (will say something like 1.84R).
If you're running the 1.84 gear and swap to the 1.65, it'll be hard to account for it using a prop change and still get good performance.
the other way, depending on specifics, might be fine but would require a prop change
addition: the change in gear would require on the order of 4" prop pitch change...