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Jim -- Top speed for that boat should be 42-44 MPH with an optimal cruise speed fuel economy of roughly 5-6 MPG. Faster is better for fuel economy. Run it between 4000 and 4500 RPM.
Like Tom said run it about 4000 for best cruise. The difference between WOT and running around 3800-4200 can be as much as 1/2 the fuel usage and it's not half the speed of WOT.