300/440/550 550, something is slipping

I have an 86 js550 that I am having trouble with. engine runs fine out of the water and at idle in the water.
When I take off though, just before it gets on plane it feels like the prop slips and it revs high, and it catches again when the ski slows down.
I took the cover off the pump bearings and it looks fairly bad inside, but could this cause slippage?
Could this be an issue with the crankshaft?
 
the bearing just looked bad because they are covered in grease, and they would cause grinding sounds if they went bad most likely. check the silicone on your pump shoe, if it was blown out that would cause cavitation, because it will let air into the pump. what pitch impeller?
 
it's a skat trak 6, not sure what pitch that is. I put a different pump on it that i had lying around and put lots of silicone around it so hopefully that will cure it. It also has a skat trak 6 in it. I won't get to test it till tomorrow though.
And when I said the bearings looked bad I meant it had some water in it and looked like a few broken peices floating around in there. I will rebuild that before I put it on another ski, I was just wondering if a blown bearing could cause the prop to slip, or if the prop is fixed directly to the driveshaft. I've never taken a pump apart so i'm not familiar with exactly how it works.
 
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