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Good news but I think there is something going on.

Remind us what the motor height is? How many empty holes above the top bolt?

How are we measuring speed? Marine GPS unit? cellphone app?
Statue or nautical mph setting?
http://boatsafe.com/nauticalknowhow/m.../miles.htm

Are you trimming out the motor fully?
- Trim out till steering gets light, bow starts to porpoise then trim in a few bumps of the switch.

Weather conditions?