"Bob;
5800 sounds quite high
"Bob;
5800 sounds quite high for a stock Merc, but 5000 is likely OK for short bursts.
Marine engines are not built for high RPM, but rather extended periods at mid RPM high torque loads.
You dont want to be running much over 5000 for any extended period as you will burn a piston, drop a valve, turn a bearing, or something even more terminal.
A 21" prop will lower your WOT by about 300-400 RPM and may be the best compromise.
The 19 will give you better hole shot, and as long as you watch your WOT RPM's may be what you want for skiing, tubing, etc.
Depends on your expectations, but 55-58 MPH is pretty good top speed. What does the boat weigh?
Rod"