Boat moves at idle but not at higher RPM

Running a Regal Valanti 196 with a 4.3. Was pulling an inner tube when it felt like I hit something submerged. Only problem is it is a well traveled area as well as deep. Immediately after the "thud" the boat will idle along, or even up to 2000 RPM or so. Anything above and it is obvious that the prop speed is not keeping up with the engine speed. This happens both forward and reverse. With engine off and throttle forward, the prop will turn one way (with come clicks of some kind each revolution), but not the other. With the throttle in reverse the above remains true, but in the opposite direction for each. I also small a very, very faint burning rubber smell. No one else smelled it, so perhaps my imagination.

A three day weekend is coming up, and I would like to figure this out. Any help is appreciated

The prop should turn & click clockwise in forward, and turn & click counterclockwise in reverse on a normal Clockwise direction motor, that's normal! It sounds like you hit something, and damaged the rubber hub. That's a normal safety feature. Try turning the prop counterclockwise in forward, and or clockwise in reverse, against the resistance both ways, if it moves, that will confirm it's gone bad.

If you can't get it to slip on land, then put a mark across the hub of the prop with a permanent magic marker, take the boat out in the water run it, & see if the marks have moved afterwards (the hub, doesn't match the prop), if so it needs to be re-hubbed by a prop shop, or you need a new prop, maybe you have a spare prop to put on for now?

Double post

If the prop checks good you may have spun the coupler that's bolted to flywheel you should see a bunch of rubber in bell housing with mirror and flashlight.