Re: Motor height ?
There are two transom heights. 15" and 20". I believe your motor is an older style that has to run with the antiventilation plate an inch below the hull line. If the propshaft is round with the prop retained by a pin, then it has to be below the hull line. If it had the newer style setup with a splined propshaft and exhaust out of the prop, then you'd want it about even. The older 40s had extensions to make them longshafts. With the right parts, that extension can be removed to make it a shortshaft. That would be your best option rather than raising the transom.