Your hole shot is going to be based on how much torque (not HP) you can get the engine to produce at bottom end. Much like a drag car. If y ou run too big a rear tire, the car will fall on its face, then restart to accelerate.
Same with the prop. I think using torque in your calculations would give a better answer. So I would figure ft/lbs of torque from the 1.85 / 27 vs the 1.75/23. My head says the 23 will come out quicker because you can surge into the torque/rpm curve faster.
Out of the hole its torque/HP . HP will help carry your speed on top end assuming the engine can pull the prob past its peak torque curve.