Should the boat go over the recommended 4800 with the throttle pressed all the way?
If the prop has a small enough pitch, yes. You select the 'correct' prop pitch so that at full throttle, the engine is spinning at the manufacturers recommended RPM, in your case, between 4400 and 4800... I prefer to 'prop' an engine at the upper end of the range...
You put a prop on and take the boat for a run. Open the throttle full (WOT) and see what revs you get. If it's too high, you select a prop with a LARGER pitch. Each 1" of pitch will change the revs about 200... If the WOT revs are too low, you go DOWN in pitch....
This all assumes the engine is in good condition and running properly. Changing pitch to mask a problem doesn't help. So before doing prop runs, make sure the engine is healthy. Do a compression check, timing check and ensure the carb is opening up fully when you push the control lever all the way.... You also need to measure the revs with a calibrated tacho. The dash tacho isn't near enough accurate.(I've seen dash tachos 500rpm out)
Chris..........