Mercury 115HP EFT Test.pdf (Size: 389.76 KB / Downloads: 4)
Bob, if your max RPM is only 5000, and is not governed during the break-in period, your boat is way overpropped. I can't find the max RPM range on the Mercury website but I'm pretty sure it's 5500-6000. Switching props will give you a better hole shot and probably higher top end. It may also help with your lean, which I find puzzling.
I have the 115HP CT 2.1L engine on my 20' Hewescraft and have a top speed of almost 37MPH here also. I repowered with this engine back in 2015, replacing the original 115HP YamaMerc 1.7L version. No lean with the engine trimmed down, but I never run that way. I trim my engine to achieve maximum fuel mileage, which comes well before porpoising occurs. Do you have a trim gauge? Mine helps me fine tune the trim. Trim, in addition to affecting fuel efficiency and top end, also affects steering. I just have cable steering in my boat and adjusting the trim can cause the steering effort to pull left or right, or I can balance it to the middle.
I tested the engine shortly after purchase at Jordanelle, see my attached results. Your boat is both smaller and lighter than mine, I suspect it should be quite a bit faster.
Single main, no kicker. 