What about ventilation? I know when the drive is down, the two pieces of bellows are probably pretty much touching, but I am having a high rpm issue also (like, 5500 at WOT instead of the book 4,500 or so), and was wondering about maybe some of the exhaust gas being pulled down into the prop.
I have a new tach that I'm going to install before the next outing to see how the rpm readings compare to the factory one (which was only operating intermittently, and which I really am not trusting).
I plan to do a service on all that either at the end of this season, or the beginning of next... I want to at least get my money's worth out of this boat. And I really like it!
Don't worry about high RPM until you determine you really have it. RPM problems are frequently defective tachometers.
More info might be helpful too. What size boat is it, what is your drive ratio, what prop are you running (pitch and diameter)
It's possible you simply have the wrong pitch or drive ratio. If you have a drive that was originally on the back of a 2.3 or 3.0L engine, it would be a lower ratio. 2.3L engines had 2.00:1 ratio drives.
Your 1988 boat could have had the drive replaced many times in the last 30 odd years.....
The easiest way to determine your ratio is to pull plugs and hand turn the engine (drive in gear) and count engine & prop revolutions................... You turn the engine and count turns.............. your helper counts prop blades etc..........
I.E, 10 engine turns and 5 full prop revolutions = 2.00:1 ratio.........
The 4.3L engine is usually paired with a 1.68:1 drive ---> roughly 17 (16.8) engine turns equals 10 prop turns......
1 turn is a full 360 degrees of rotation and 0.8 turn is 0.8 x 360-----> 288 degrees of rotation
(if you don't want to measure.......288 isa tad more than 3/4 turn)
The 3.0L engine should have a 1.86:1 ratio drive. 18.6 engine turns = 18 + 0.6 x 360 turns...... equals 10 prop turns
(0.6 turn is an additional 216 degrees of turn) etc etc etc.
Cheers,
Rick