I'm jumping in here late.
I don't see how proping the motor to yamaha spec range is going to damage or wear out the motor sooner or later.
If you want to get longer life from a motor while running boat at very high speeds for long periods, you are supposed to max out the hull rated power so the motor will be well less loaded vs. a smaller motor running at max nameplate HP. You have a lot more HP boat nameplate to go than 150HP.
The WOT range is where the motor develops max HP, properly, by design.
If you overprop, running the motor at WOT will be less RPM than spec, meaning it is overloaded as proped. Overloading a motor will overheat it and eventually when hot enough, self destruct.
If you underprop, it means it can overrev and self destruct at WOT.
The manuf advise is to prop to be in the upper half of that range at WOT and test loaded accordingly. If you went to the next size smaller prop, I see little noticable benefit or loss to you, other than loss of the cost of two props.
At 5000 RPM, throttle at WOT, the motor is generating it's 150HP capability you paid for, while running normal spec temps - continuously, and can do it forever (well, you know what I mean).
If you pick the next size smaller prop, you will get marginally better holeshot, but perhaps a little less top end.
As far as what rpm to run at, recommended crusing speed is usually associated with best planning fuel economy, not just speed. If you want to run around WOT often, you will be burning fuel like it's 1999.
The 4000 RPM mentioned is a typical economy sweet spot (when the motor is prop'd properly), as it is on my boat.
My boat can take a bigger wheel to get more speed, but I'm not interested in more speed, I'm interested in holeshot and accelerating out of breaking following seas that want to swallow the boat, and me with it.
The Grady website has these tests and results for different motors. Your results will vary.
I didn't mention boat speed, because it's whatever it is, at that crusing or WOT motor RPM.