I’m not so sure.
If you are not at altitude, that boat should run quicker than that trimmed well and likely with a 21”
Agreed. Something is 'off'. I had a 4.3L with the 1.84:1 drive in my boat before the MPI, and with a 21" prop I was at about 40 KNOTS (not sure about these 'mph' things you're talking about are, except for landlubbers

) and pulling about 4950rpm. A 19' bow rider is significantly lighter than my boat. You should be running a 23" prop, and pulling about 45 knots at about 4700rpm. So yeah, only 35 knots at 4800 with a 19" is off the money somewhere. My prop slip/Angle of attack calculator says those numbers look ok, so I would start with an engine 'health check' (compressions, timing, carb opening properly/fully, etc). Also check the engine revs with a proper 'shop tacho'. The dash unit can be off by a few hundred revs... And the speed is with a GPS...
Chris.........