Re: spun prop hub or ventilation??
I would think that your maximum load on your prop would be coming out of the hole....getting on plane, especially when you first put the pedal to the metal. Do as smoke said and also check where your antivent plate is with respect to the water coming out from under the transom......can you see the plate when running as fast as you can? If so, how much of it..1" or more above the level of the water flowing past?
Look at the hull from the stern. Is it straight or does it have a hook in it from sitting on a poorly matching trailer. Are there any hull obstructions in front of the prop that could cause water disturbances that would result in ventilation.
The thing that bothers me and makes me think it is the prop is your comment about being on the lowest tilt setting....meaning that the bottom of the engine (lower unit) is as close to the transom as you can get it. If you had it tilted out as far as it would go then ventilation could surely be a question.
Mark