Bajaman.......I am coming up with a theoretical speed in the mid to upper 60's based on your set up. This tells me either your tach is not accurate or you have excessive slippage. I use the following formula..........
1. Engine RPM/Gear Ratio
2. Answer from #1 * prop pitch
3. Divide answer from #2 by 5280 then by 12
4. Multiply answer from #3 by 60
5. Factor in slippage of 10%.
Using a four blade prop, sometimes you can increase the pitch by 1 since it has so much blade surface.
Go out and get some better numbers with the jack plate. Remember to run no less than about 10 lbs. of psi on the water pressure gauge. If you do not have a nose cone with a low water pickup, you will want to have that installed so you can run the motor higher. Also, in talking with some guys who run high performance OMC motors, you will probably want to have you bearing carrier pinned into place (cross drilled). From what I hear, the OMC carrier is not a press fit like the Merc and thus they like to slide around a little bit. In the end the stress of running a surface piercing propeller tends to push the carrier out the side of the gearcase. Good Luck and happy boating!