I had a 2.2hp and a 3.5 hp for my Capri 25, the essential figure is that the boat was about 2000lbs heavier than your P165. I've taken the 3.5hp off and used it on a 9foot bass tender (rowboat)... it runs the same amount of time regardless it would appear. I got about 45 minutes continuous run at Wide Open Throttle (yes same for the 2.2 as the 3.5)... what I found was they were the same motor, with some kind of restrictor on it.
I was able to get about 1.5 hours out of the 3.5 at about half throttle.
You'll find that the 3.5 will easily get your p165 to full hull speed... it got my 25 footer to full hull speed with no head wind, and could get me to 4.5 knots WOT, with a 25 knot headwind (don't ask)...
I carried a 2.5 gallon jug with me (which is easy to sling around), and never had more than 2 gallons in it (less likely to spill). If you can get one of the old cans with a regular neck and a relief valve, they are superior to the Congress mandated "no spill" types. Hanging over the stern in a pounding sea is not fun either. Add to that darkness and confused seas and you have a recipe of disaster if you aren't careful (again don't ask).
Good news is those tiny outboards are work horses. Keep the plug clean, and use high test fuel, and you should have an easy to maintain reliable OB.