Ventilation rather than cavitation?
Not much you can do about it with a spindle stern near the surface, other than throttle back, or dive the boat.
You can use belts rather than gears, quiet, and inexpensive. You can purchase GT2 belts and pulleys on ebay at very low cost, as they're churned out in quantity for use in 3D printers etc.
A logging device like a eagle tree unit is very worthwhile for checking things like motor RPM with props, plus power use.