RE: Which motor for my for my Hanger 9 Yak 54
I don't see a problem with using the G-62... I would send it over to Ralph C to have it lightened and EI added to it though!
You could also look at adding a pipe to it for that extra kick. Between the 2 you would probably spend the $400 you were thinking about spending on a new engine and end up having more power and be happy with the performance.
You might even want to hold off on the pipe and fly it to see how you like it. At 18.5 it will still pull out with a good prop and have some power in reserve.