Speaking of WOT Rpms telling on you!!... First of all unless I have missed something even with the small gear case you should still have the 2.42 gear ratio.
Now the facts; You have a heavy boat, probably water logged, you have a 17 pitch prop, and you can make 27 MPH at WOT.
Now assuming 27 MPH, 17 pitch prop, and 4200 RPM would make for a NEGATIVE slip number.
I predict you have a faulty reading from your tach because a 17 pitch prop, 27 MPH and a more realistic (with a heavy boat) slip number of 13-14% puts your RPM closer to the 4700-4800 RPM range
I also predict that if you move down to a 15 Pitch prop that your slip number will drop, your hole shot will improve, you WONT lose any speed, and your RPM will climb to the 5300-5400 RPM range.
But you should definitely figure out whats making you boat so heavy, you should have no problem touching 30 with that boat and engine.