Let's go to
www.go-fast.com. Then pull up the BAM prop slip calculator: Click on Index on left side of home page then "How to find your propeller slip". On that page, upper left, "Prop Slip Calculator".
Plug in your gear ratio. For that engine it will be around 1.78 to 1.86 if my manuals are correct.
Plug in your prop pitch: 17
Plug in your WOT best in class rpm. Let's say its 5000
Solve for max possible speed: This is a theoretical value as if the prop were a screw turning in wood, how far would it travel into the wood in one revolution.
Now add your present best WOT speed 35
Punch the solve for prop slip.
Gonna bet it's up around 25.
Was curious so I did it for you using the 186 gear rato....the 1.78 would be faster and more slip.
With the numbers above I got 43 MPH for your theoretical (screw in a block of wood) speed at 5000 rpm. I applied your present speed of 35 at 5000 rpm and got 19% slip. The 1.78 would be 45 and 22.
If you are up at 5600 where you belong, (top of recommended range where I like to run), the 1.86 gearbox would be 48 max 27% slip and the 1.78 51 max and 31% slip.
If those numbers are correct your Bayliner is a TUB. No brag, just fact sir. Something is dreadfully wrong. Check your numbers you supplied to us.