it would seem that you wouldn't need the heavy duty oil to keep the roller bearings happy, since they're not exposed to a ton of force (fairly balanced prop, no reciprocating mass like a crankshaft), but keep in mind that all of the load from the impeller forcing water through the jet pump nozzle is taken up by the thrust bearing, which likely means a lot of shearing on the lubricant (shearing is the actual crushing of the oil molecules, which breaks them down and reduces the lubricating effect of the oil). you could possibly pick up .5 or 1mph on a race ski with the lighter oil, but you could have to rebuild jet pumps as often as every race weekend. definitely not a rec ski setup.
fwiw, nascar teams have been using teflon coatings in their axles for years, and for the longest time they saw little to no advantage from it. until, one time someone forgot to fill the axle with gear oil before qualifying, and they picked up a couple of mph. it was then that they realized that the major source of friction in the axle was the lubricant flinging around inside, and the teflon coating would allow them to use much lighter oil. now i think they use 0w motor oil in their diffs.