To replace the wear ring you have two options:
New pump w stainless ring (how they come OEM)
Take existing pump and have it machined to accept a plastic wear ring (cheaper to do, will last about 80hrs, maybe more)
First thing you should do is buy a pump seal kit and seal the pump, that reduces cavitation a lot and is considered a must-do item by the crowd that rides them the most. From the factory those early 2000's Yamas had a lot of cavitation from the start, the xlt, sub, and gpr - all same issue in pump. Seal kit does help a lot, I've done mine.
Also, an aftermarket intake grate will help along w a performance prop like a Solas. Seal the pump first, R&D makes the kit, about $80 +a tube of 3M 4200.
Lots of info on how to do it, Google it