what are the advantages and disadvantage of each?
Thanks
Jeff

That depends on your setup. More info needed.

my understanding on ratios is the smaller number for your final ratio is more speed, higher number makes more tq.

It might bring that jalopy of yours back up to the caliber of your previous boat.

The advantage is that in some cases you run out of prop choices. If you use a 34p and change to a 1.30 you can go to a 28p which is easier to turn. Or if you are hitting the limiter because of big power on a real big prop you can slide down to smaller prop and go up from there.
They are used on light cats a lot before 5 blades came about.

Call Lip Ship, see what he says.

39 tg imco scx drives 1:32 dyno 775 hp..700 zuls it use to have 1:50 xrs i think.. just curious why it has 1:32 s now.. maybe they just ran out of prop...

how will this affect performance?

What wheels are on it now? Likely did run out of propeller. The 1.32 gears will, like others have said allow you to run less propeller pitch. Bblades told me that a Bravo propeller gets less effecient in anything over a 32p.

One advantage to the 1.50 gear in regular xr bravo stuff is it is a less expensive gear set to buy over a 1.34

and it's meant to be turned by a less expensive engine.