An OMC 250 V8? Wow - don't see many of those any more! She should get up and go with that on her - because the 250 is actually a detuned 275, and your can build it up to 400 without a lot of work. The OMC V-8 was nicely balanced and runs smooth, but the gearbox is not as robust as it could be, so don't hit anything...
Regarding props, 19 or 21 pitch stainless would be a good start, but I'm guessing 23 pitch might be better. I think I've got a 21 around the shop somewhere, but it probably has a Merc hub. Those OMC V-8s were powerful, but thirsty and heavy at 550 lbs. If you get a chance - take the airbox off and run it without the cowl for a few minute - the sound they make is LOUD, but amazing...
Post some numbers when you get it running right - should be interesting!