I have spent a fair amount of time at STINGERS shop. I have not seen any broken shafts. I did strip a keyway but it was predicted because the gears were cut wrong but I said I would give it a go anyways, and STINGER WAS RIGHT. They fixed it with the correct cut gears when they got them and guaranteed I wouldn't break it and I haven't. I had my four blade super wide at the 3 mark and was over turning my engine and was going to the 5 blade super wide but it wouldn't fit in my boat.
As for diminishing returns well I never noticed any, I was getting more performance from a small block than most big blocks. I was running a 3.12 and I highly recommend them. You need a prop designed to turn slow and make an acceptable amount of thrust, I found the only one capable of doing it was the super wides. The optimum rpm for a prop is not always the maximum recommended rpm for that prop, the max is a safety factor. The super wides were designed to be most efficient in the 1600 to 1800 rpm range. I didn't test any water walker props so I can't address them. But as for gear boxes taking a lickin and keepin on tickin the only choice for me will be a STINGER, I don't care if it costs more i don't care if you need an adapter to run it with an LS1, I still will only run STINGERS PERIOD. But that is just me.
I have seen STINGERS boxes where they were run dry, I have seen them where the oil was never changed in them, I myself went two years without changing the oil in one because the dealer who sold it to me never said to change it. I have seen them run with out the mounting bolts tightened up on them BUT I HAVE never seen one with a broken shaft ,maybe they have one up there I don't know for sure but when I wanted one for a mockup I was making I had to wait three months to get one that was run with the mounting bolts loose until the case was worn out and it was still running on the boat.
Higher numerically gears and slower turning props are the ticket. I will run a five blade super wide on a small block and make it work very well, actually i will do it on my 396 small block once I repair it from the damage done testing the horizontal radiator, and the damage done by the demon carb gaskets dissolving and clogging the jets and runnin it lean and the damage done by the water inlet being porous enough to allow water to pass thru at operating temperature.
So if you want big boxes go to STINGER BOXES and be done with it, bolt it on and give it hell, change the oil every other time you change the oil on your engine, keep the mounting bolts tight and you are good to go no matter what ratio you run.