From my experience most 540 sized motors seem happy running a 35mm two bladed prop, You can push it a bit by moving up to a 35X with a greater pitch. My cousin in Holland and I built a Swordsman from the Dave Milbourne plan (2000), fitted a 545 and a 35mm prop on a 7.2 NiMh.
The model went very well at my club lake. After taking it back to Holland he wanted more speed....and then more speed!, increased the prop to 40mm, then 45mm and lo and behold, his boat really did catch fire. No water cooling or anything else. If you need to drive a bigger prop you will have to go up to a bigger motor, but they all like to turn at speed so testing different sizes is common sense.
Personally, I only tend to use brushless now which I find amazing, and a 35mm diameter outrunner will perform much better than the 545, but it will still only need a 30 to 35mm prop!!! to do it. If you want faster..then up the battery voltage instead.
Ron.