Update:
For starters, thanks to everyone for the wonderful, friendly advise. As a long time view of these forums, and a first time user, I am very impressed.
I got got the new diaphragm installed and just took the boat out for a test run. I took off from the ramp, no issues, I ran around for 5 minutes then hauled back towards the ramp, shut it off and dinked around a bit, fired it up and took off like a dream. Ran to the other end of the lake, fished a bit, boat took off fine.
I gained a few mph, which is secondary to the motor now sounds soooo much smoother.
Thanks again guys.