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Having spend a week on the water with the boat and the new engine doing various activities (fishing, tubing, cruising, etc) I can report that I am pretty darned happy with the engine as mounted currently with the prop that is on the boat. Once properly trimmed out the porpoising goes away.. but it is pretty easy to make it occur.

The boat easily achieves over 30mph with a crew on board (34 - 36mph with just me), and cruises comfortably on plane at 20mph using only 9.8l/h of fuel...

I'm sure I can play with mounting height and prop selection and maybe gain myself a MPH or two.. but I won't be doing that until I get bored. If I do make any changes I will report back to this thread.