My boat is easily twice that fast with a 550 on 7-cells and submerged drive. I'm working on getting a video, but by looking at wismerhell's boat I would say mine is alot faster. Mine jumps out of the water and on plane in about 1-2 seconds and cruises good comparatively. That boat may be heavier than mine but everything else looks pretty comparable.

I agree that the wiring could be a problem with glitching. Also the wires are a mess and cleaning them up may help with the radio glitching. One other thing that might cause the glitching is the metal coupler from the motor to the prop shaft. Also Wis make sure there is a little play in the prop shaft. In other words you dont want it tight where it would cause binding. I would say that motor is definately not a 700 size. Maybe getting a nice new 550-600 size motor would be a good idea though.