I have to agree, the 175s will probably use more fuel than the 200s on a heavy boat like a Protector 28 Cabin. Maybe even quite a lot more.
Unless of course you drive it wide open all the time
The engines will also be less stressed and the boat will hold its value better in my opinion.
By the way, if I had the cash the Protector would be what I'd go for.
Nasher.