Beware of using stainless below the waterline due to corrosion properties of stainless in salt water without oxygen. You can Google this further, but here is a good quote:
Crevice Corrosion - this is a problem with stainless fasteners used in seawater applications, because of the low PH of salt water. Chlorides pit the passivated surface, where the low PH saltwater attacks the exposed metal. Lacking the oxygen to re-passivate, corrosion continues. As is signified by its name, this corrosion is most common in oxygen restricted crevices, such as under a bolt head.
There is a reason that bronze is used for propellers, hull fittings, etc.