Yeah, you have it backwards. Climb will be worse, but cruise may be better. If you fit an electronic ignition you may not notice the difference. It also depends where you live (ie how hot it gets in the summer and the altitude of your airport), and the age of your engine. If you have a new engine at sea level, 78" may not be an issue. If necessary, getting the prop re-pitched is not a big deal and will cost around $250 for re-pitch and re-paint. 1" less of pitch will give you around 25rpm on the runway and 50rpm at max speed. As you will only be getting 2200rpm at the start of the take-off roll 25rpm can be significant. On the other hand at altitude it could make the difference between full throttle cruise comfortably at 2580rpm against a slightly worrying 2630. Does depend what your priorities are. I operated an old 150hp engine with a 77" prop for a couple of years - no problem at all. Its just that 160+hp & 80" is much better!
Pete