I had a 23LSV with a HH383 and it came form the factory with a 537. I ran 520lbs of pop sacks and had a a crew of 5-6 in my boat. The 537 worked great. Great holeshot and yet awesome top end. You can put a 1235 on it and it will pull harder, the only issue is that at about 5k rpm you will only be doing about 35 mph, while my boat ran near 47 mph at 5k.
For the monsoon, the 1235 is a stump puller, and great for boarding. But, if you do any cruising, not so good. Higher RPM's, slower speed and higher fuel consumption.
I personally run a 475 on my 247 w/ 8.1L. I use to run the 537, but the 475 gave me more of a holeshot and the same top speed.
Another friend was running the 537 on there VLX with HH383 and did some testing with several props in a controlled environment and found the 537 to run best overall. I also have friends with Monsoons who use the OJ 475 and are real happy with it. What it comes down to is balance. If you are looking for raw power out of the hole, and don't cruise much, 1235. If you want a good compromise, try the OJ 475 or the prop M-dude mentioned.
But hey, what do I know, I am only on my 5th Malibu.