Wood is the Weak Link in Transom Longevity. Marine Grade Plywood is still Superior to Exterior Grade. Don't let anyone convince you they are the same, as they are not.
I believe the WOT Range for that engine would be 5000 -5500, so if you are getting 4800, too much Pitch
Just a FYI, that 44 in block goes back to the late 50s
Welcome to iboats.
I had one of those 98 150s, eventually I ended up with a 2001 powerhead during the Warranty Period. I traded it in in 2002 as the warranty was over. Those engines make lot of Clacking sounds when they are running perfectly.
Did you hear it run it before you "pulled the...