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I have a 1986 Outrage 18 that I bought new, and am familiar with running Laser II props on a Merc 150.

First of all, Whaler's factory engine mounting instructions for the 18 were always one hole up, meaning the second hole down from the top. Any prop could be run in that position. For a Laser II, I would go up one more hole, to the third, or middle set of holes (out of 5). That should give you pretty good all around performance, with zero slippage/ventilation. I would only go up three holes (4th hole out of 5) if top speed is your only objective, and for that you might also consider a Tempest Plus prop, or an Enertia prop. Never install a Mirage Plus on an Outrage 18 - too much prop. The Laser II is a fast top end prop, but is not great at mid range cruising in the large gearcase size. I understand Mercury has just discontinued manufacture of these, which have been in the line for 25 years! In the smaller 4-1/4" gearcase size (75-125HP engines), they are still one of the very best props available for both all around use and top speed.

Even in the two holes up position, I think an Enertia prop is a better all around choice than a Laser II for the Outrage 18 in offshore use. I assume you are running a 19" Laser II with medium vent plugs? That should give you 51 MPH. I also run that prop on the Merc 150 installed on my 1975 Outrage 19