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Hi HBeric,
On my new Suzuki I just found out that the oil lamp in the tachometer started blinking when time for oil change/service (20 hours). There are also other lamps indicating (in different combinations) to show how many hours is on the motor but not any exact hours only showing which interval it is, like passes 50 hours, 100 hours and so on.
Might there be a similare system on the Tohatsu?
Check in your instruction manual.

The cavitation plate should be above the keel level, about an inch or more. How much, depends on the propeller. Higher if you have a stainless steel prop.
I think you got it backwards regarding how many holes up.
More holes above the bolts meens that the motor goes up and so the cavitation plate. (the bolts are fixed in height as they sits in the holes in the transom, right...) The holes in the motor bracket moves up with the motor when raising the motor.
Check out two of the last pictures in my personal page where you can see the cavitation plate and the keel relatively.
I have slightly more than an inch above which worked good with the alu prop. I can probably raise more now with my SS prop.
The motor is heavy so you will need a motor lift if you want to raise it later. If the bolts are mounted from the inside (which is the usual) you just remove the nuts.
Lower should be slot holes in the motor bracket so you might not need to remove the nuts completely but losen enought to get clearance for the top bolts to enter next pair of holes in the bracket.
Important, if the bolts moves you will need to reseal them to the transom.

Good luck!