Brad:
I believe that the equation for this is about 1 hp/ 500lbs. If you are going cruising you may want to think about a little more HP rather than less. Assuming that you boat is about 20,000 lbs, you need at least a 40 HP engine, so something in the 45-50 may be a good idea.
If you are not going to take her cruising I would think that you can get by with a 3JH and a good prop. Be careful when they try to size the prop. I would always suggest a prop shop make the recommendation (not the engine installer).
If you want to stay on the least expensive side, you may want to consider a Campbell Sailor. Otherwise the sky is the limit on a feathering prop if the budget permits.