Have you run it as it is Currently set up? If so, did at any time do the Prop lose it's Grip on the water? If not, I would go higher. If it did, then a hair lower.
Raising an Engine higher, reduces the Ability of it to Lift the Bow, simply because of less Leverage. Higher Trim Angles are required, which leads to more chance of Ventilation. That is where Cup and Rake really come into play, as well as overall Prop Blade Design.
Now before we end up going down a Rabbit Hole on High Performance, a lot of the stuff I have mentioned starts becoming relevant as speeds above 45-50mph. At lower speeds the Engine isn't going to get the Bow running clear, and Porpoising in the usual Result of too much trim
Being too deep in the Water results in Lots of Spray, especially if there is Setback involved