Have a few anecdotes from over the years.
Few years back my family ended up with 2x boats with the same engines at near the same hours of operation. One had a 4.5:1 gear and a 50 inch prop the other a 1.78:1 gear swinging a 28 inch wheel. The former was a deep displacement hull that probably ran around light a bit over 110k pounds and a waterline length of about 48 feet. The other a shallow tunnel hull witb a waterline around 42 feet that weighted light in the upper 30k range.
The deep boat cruised almost 2 knots faster at the same rpm, remember at one point we wrapped a bunch of line up and towed the smaller boat in with the bigger boat to beach it and clear the wheel. Crew gave me grief as the deeper ratio engine moved the combo about as fast as the cruising speed of the little boat. It was always a bit surprising how much more oomph a big slow wheel could produce.
Our boats often chase shallow, it always blows me away to see speed and performance figures for the lobster boats back east. Have a friend in Maine with a boat longer and bigger than mine but with a 3:1 gear and a 36 inch wheel and the exact same main as me. His top end is a couple knots faster than mine, but im rocking a 1.6:1 and a deep tunnel with a 28 inch wheel. Wouldn't want to fish his boat here, but man Im always jealous of his ability for speed.