A 1.66 ratio turning a 19 pitch prop at 45 mph(10%slip) works out to about 4613 rpm.
Your tach is wrong. You might try pulling the connector off the back of the tach and cleaning the pins(3?) to restore proper operation.
I need to do that on some of my tachs once a year or they'll start goofing up; usually reading too high.
According to the prop selector a 19 pitch should be the correct prop, yielding the aforementioned rpm and speed.
I ran the same numbers on my BAM calculator and got the same answer. So if the limiter is limiting and the tach is off, where is the smoking gun?
I realize that this is an I/O and I don't know where the limiter and tach get their signals. OBs get theirs from the battery charging rectifer/regulator module. They count the sine waves coming in from the alternator under the flywheel which are dependent upon how fast the crankshaft turns, aka revolutions per minute.
In running the numbers on the posted 21 5 blade at 5200 and 43 that looks like about 31% slip which is a lot if you ask me unless you were coming out of a hole shot, before the boat leveled off and the prop got a good solid bite.
BruceB 58 can probably provide the origin answer.
Mark