Lot of things to know about powering a jon.
First off, if it's rated for 50hp, put a 50 on it. Done. Don't go over your rated HP if you can help it. Now I don't know where you're at and how your "officials" are, but out here, if the boats' rated for 25 and you put a 40 on it, they will mention it if you get checked. Never heard anyone get ticketed or anything but all it would take is one officer in a bad mood on the wrong day.....to make your day a little less than enjoyable.
Next, resale. If the 1860 is rated for 90 and you put a 40 on it, you tend to limit yourself to who may want to buy it later on, should you decide to sell. Additionally, if you get tired of 40hp (if it's rated 90 and you're running 40, you WILL get sick of the lack of power...trust me), it'll cost more in the long run to buy a small motor, then repower it later. Do it right once, if you can. Mine's rated for 40hp, I run a 25 and there have been many, MANY times I wished I had 40hp. But most of the time I'm idling and the 25 does great in that department. Plus, some areas are 25hp max. I don't go to those areas often but if I decided to sell it later on, it opens up another range of potential buyers....which might help it sell faster or for a little more cash. It's not for sale, but if I had to sell it.....
Finally power. Again if it's rated for 90 and you're powering it with a 40, even a 50, you'll be happy with it at first but it'll always be in the back of your mind. Especially that ONE day, you're out on your favorite lake with your fishin' partner, enjoying yourselves. All at once, the sky turns dark the wind picks up and you're just about to get a storm. You will want the extra horsepower in a time like that. OR, my personal experience, had a 15' glass "high performance"-style bass boat, powered by 90HP Mariner. I had bought it originally, had a 40hp Yamaha on it, which was blown up (powerhead fubar). One afternoon my girlfriend and I went out to the river, and found my "hole" back off of the river, we got into the catfish pretty good. Lost track of time. Getting dark, I had no lights...and it was a new moon event so no moon light to navigate with. I'm noticing darkness falling quicker than I anticipated. Told her to start pulling stuff together and ready to make the 2 mile trip back down river to the ramp. I wasn't just real familiar with that stretch of river so I needed some light to navigate safely. Right about the time she's thinking about pulling up the anchor, we see a barge. Big one. 9 barges in front of a tug. I hate getting into the prop wash of those things. Told her to hurry up and we headed off...we had a full livewell of ice and catfish so the boat was running a little heavier than normal. Took off, in front of the barge, and ran wide open down to the ramp, about 50mph. The ramp is directly in the river. Wanted to make sure to get loaded and out of the water before the barge got there. Luckily nobody else was at the ramp to wait on, so I was out pretty quickly. Barges typically run in the 10-12 mph range in that stretch of river. The confidence of having the power to get there in front of them was worth every penny I spent on the 90 as opposed to just buying a powerhead for the 40, which would have been MUCH slower, harder to plane (if it would at all with a load in the boat), much less confident.
In a lot of cases, there isn't any appreciable fuel savings, either. A underpowered rig will sometimes use as much-if not more-fuel than one that is powered correctly. In this situation with outboards, it isn't a big deal but it could add up if you fish a lot.
Have run some 1860's and 1872's, loved them. Ran an 1872 SeArk as a bow fishing rig and it was a tank. Heavy, but you wouldn't hurt it. Last time I used it was when there were small craft warnings on the river. Pretty stupid thing to do and I wouldn't do it again. Then had to "test" a customer's 2072 War Eagle, which was REALLY stable, and pretty fast for a big jon. Powered by F115 Yamaha. Quiet, smooth, relaxing, but plenty of power.