Rob,
Another option that doesn't cost a fortune?
Fox makes Shaft Extensions that are intended to move the back of the prop further forward. These come in 1/2" and 3/4" length, AsIR. Steel extension nuts are 5/16" outer diameter and the idea is to drill the prop to fit that. The aluminum extension nuts are 3/8" OD, which means a lot of prop has to be drilled out.
You don't need the spacer spool from these extensions... You might need to cut some off the rear of the extension nut to match where the threads end on your engine's shaft. The extension nuts come with a properly fitting washer for the front of the prop, and with the spacer spool already mentioned.
"Standard" shaft threads for mid-size engines are 1/4-28 thread, or a similar metric size. One sixteenth of an inch is more than one full turn beyond the nut, in fact, almost two full turns. Aircraft specs for bolted fittings used to be to have from one to three threads visible past the nut. I imagine that still applies.. More just adds weight, and less is harder to be sure of...