Re: Am I getting the most out of my engine?
I asked a few questions in my last post, that you haven't answered..... Esp @the prop diameter & pitch. And as stated before the manual for your motor lists 4750-5250 as a max rpm range. Unless those details weren't for the correct motor: 75hp 3cyl post 1986 Mariner. Three blade stainless is helpful, but.....................
It may prove to be the wrong prop. If it's spinning at 5400rpm w some damage (however slight) now, once tuned up, it should have reduced friction & drag both as it bites the water & travels through it. W/out that extra drag & friction, in theory it should be able to turn at a higher rpm, if only moderately. Since you haven't mentioned how you're reading the rpm's, I have to guess at a gauge on the dash. You're already spinning above the recommended range of the motor, so more probably wouldn't be better for the motor......
But a damaged prop does reduce performance & produces vibrations that are not conducive to the long & happy life of any part of your motor & prop. Think of a ceiling fan, it's not spinning nearly as fast, but the slightest unbalance (even just 1 dusty blade) causes it to spin funky, make strange scrapping noises. That's why many fan makers send small sticky backed lead weights w/ their fans. The consumer 'gets' the pleasure of fine tuning the fan & getting it to balance & work right so the motor will last longer..
Boat weight load (& distribution fore~aft, starboard~port), weather & water conditions all contribute to boat performance, so even if you do recon the prop, if conditions aren't exactly the same as the last time you 'tested' it, the results won't necessarily tell you how much of the change was based on the prop.
Spend some time reading thru the Merc/Mariner threads, there's lots of info available @iBoats. It is very useful & helpful. You may find some answers to your questions.