Oh, Hi 'rcwaterrat' !

Indeed the world is small and a few of us go by different screen names on other forums

(myself included).
Those guys on J I M'S R / C Boat Dock are some of the best.
My buddy has an MHZ Triple X w/stock 260. The boat is a total dog and too large for the 260. He expects it to run high 40's while turning a huge P280 prop! Its not going to do it. The engine needs to rev.
Once again, I know you're speaking to the whole crowd and not just me in particular. However, my opinion remains the same....
drop down and try a smaller prop. Look for a P270,
Bottom the strut out and run the 270
bring it in, raise the strut with the same prop. Do this in 1/8" incriments... YES, 1/8" will mean a lot. Do not make one lap and bring it in, do a couple checking the hangling etc.
After you do that change to another prop and bottom the strut out again, running a few laps, raise it 1/8" till you can't go no more etc...
Do the prop change and strut movements all over again.
Double check your CG
Check for a hook (you say you have already, but have you really?)
How are the tabs on the bottom ? Take a photo and post. We need to see exactly how they are positioned. Maybe they're dragging a bit where they're connected.
Go back over to the other place and bring the boys there up to speed on stuff.
Peace.