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Chris Craft 350Q w/ Volvo Penta 250 slips when you give it throttle.

I posted this in the CC forum and it was suggested that I post this here.

I have a 1972 CC Lancer 19' It has the 350Q rear facing engine ( flywheel forward ) and a Volvo Penta 250 outdrive. I had someone push off my boat as they got out at a pier and pushed my prop into some rocks or something hard. It chewed my prop up. I was able to load it but that was the end of the season and figured a new prop would fix it. I put a new prop on and took it out. It does fine at idle but when I give it medium throttle to get out of the hole and on plane it sounds like it is slipping and looses propulsion. This engine has the dampener hub mated to the front of the crankshaft ( normally where on an auto you would have the harmonic balancer ) this is where the out drive connects to the engine. My fear is that the woodruff key sheared and the dampener hub is spinning in the crank. Has anyone ever had this happen to them? if so what did you do to repair it? Thank Matt.
 
Let me clarify the "new prop" is an older prop that was cracked and I had repaired by a prop shop. I just read that it could be a slipping hub what do you guys think?
 
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