Re: power drops as RPMs go up
5 inches from the top of the cavitation plate to the hull bottom, seven inches below surface. The engine is trimmed at an angle so the highest point is referenced.
If your cavitation (anti-ventilation) plate is 5 inches ABOVE the hull bottom, I believe you're getting prop ventilation when the the boat is on plane. Without knowing more.
To me, this tells all:
The trim is stuck up slightly but plenty of the engine is in the water. The boat begins to plane then as the rpms go over 3000 is slips and the power drops while the rpms are up to 5000.
Yes, it's in the water when sitting still, but when the boat is on plane, the water only comes up to the bottom of the hull! The rest of the boat / transom is out of the water, therefore the engine is not in plenty of water! Probably only about 1/2 of the prop is in the water, therefore not enough bite.
You haven't told us when the trim got "stuck up slightly" . My guess is that the engine worked fine when you were able to trim it lower? Further guess is that the change in perforemance has nothing to do with the work done on the waterpump, but that might have been coincidental with the trim malfunction? Can you let us know about that?