I've had your same boat since 2003 with the Volvo Penta SX drive. After I damaged the original aluminum prop on a submerged tree, I did some research on alternatives and settled on a composite prop made by Piranha (piranha.com). The advantage to a composite prop is you get a stiffer blade than aluminum, and the individual blades are sacrificial - they'll break rather than transmit energy up the drive-line.

Each blade is replaceable without even having to remove the prop from the drive. This means I can replace one or more blades on the water and not ruin the day if I hit something that damages the blade (I keep a spare set on-board.) I also had an issue with using the boat at lakes in the mountains, around 6000' elevation. Most of my boating is at sea-level, and since the 2001 4.3gl was carbureted, you need a different prop at that altitude. So I have another set of blades I can pop in whenever we're up in the mountains.

You don't say which out-drive you have, but I have the Volvo SX drive. I put a 4-blade hub on to increase my hole-shot, but this sacrificed a little top-speed. The 4-blade hub plus 4 blades runs about $175. Spare blades are about $20 each.

After 8 seasons with this composite prop, my only complaint is cavitation on tight turns when retrieving a downed skier/boarder. This may be due to the surface area on the 4-blade Piranha design; but as it only occurs on relatively high-power and very tight turns, I never investigated further. The 4-blade Piranha on this boat will pull a 200lb skier on a slalom ski (me) out of the water with 5 adults in the boat in just a few seconds.