Just to make things interesting, I decided to pursue more speed with my Wavemaster. I found two different ways to get more power from the motor, the first is to swap out the stock 550 motor with a 700 and run 12 cells. The other method is to add a gearbox and a hotter motor. The 700 motor method has a lot going for it in that 700's are relatively cheap and can take a lot of abuse. The gearbox method has the advantage that is can be tuned by changing gear ratios but it depend on the more fragile 05 style motors.
I decided on using the gear drive method simply because I found a setup for sale in some classified ads. The setup features a Hughey gearbox that fits the drive leg as if it was made for it.
I added an expensive 19 turn double motor with full water cooling to test the drive. The setup probably should use a much hotter motor, something between a 11 to 13 turn motor. The RumRunner site has more information on this setup.
For the prop, I decided to try out a Prather 215 1.6 diameter x 2.5 pitch). The prop needs an adapter to fit on the smaller prop shaft. The adapter can be made from 3/16 brass tubing available from most hardware stores.
The stock motor cover does fit around the drive and motor with no problems but it is a shame to cover it up! This setup should prove to be very fast. See the trials section for more.