Nope, that is unless your 50 classic was not running properly. Horsepower was rated the same in 89' as it was in 97'. Now if you were talking about a pre 85-86 merc versus a post 85-86 there would be a bigger difference because Merc started prop rating the HP on there motors around this time instead of rating them from the crank.
There is some famous saying that goes something like this "The faster you go, the harder it is to go faster!"
I am not saying you cannot hit 40mph without some effort or tweaking with your setup though. I think if you can.....it will take a little work. Because in theory with that motor's gear case 1.64:1 with a 15 pitch prop at 5500+ rpm with a conservative 15% slip ratio you can hit 40mph. The question is can you turn a 15 pitch with your setup at that high an RPM?