Well, I've finally got around to taking a few pics of my try at the mod. Here's what I managed:
I made the shroud out of schedule 80 PVC. I used my table saw for cutting the shroud to length, cutting the groove for the "grabbers" on the Maxijet, and cutting the slits.
The crossbrace is styrene and the shaft is carbon fiber rod. I'm currently using an Octura 2035 (which I had to shave down, it was too much prop for this particular Maxijet motor) but plan on replacing it with an Octura 1435 when I can lay my hands on one.
It's really quiet and pumps a LOT of water. I'm sure it'll give even more flow when I get the new prop.