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A 17 pitch sounds right according to other posters.

You should be getting more then 5000 RPM so the motor being mounted low is the thing that is slowing you down at this time.

I know Montauks do best with the E-Tec mounted all the way up.
I am not sure about the Outrage 17' I models however.

I would start by raising the motor 2 holes up.
Your WOT RPM's should raise up.

If that doesn't do it, then it would be time to look at the prop in my opinion.