Some issues :
Posted pic of the aerating prop shows more turbulence going on at 12 o'clock than a lower 6 o'clock, the prop thurst must be equal on both sides of prop for top effective thrust, trim the motor up one hole for AV plate, prop shaft to run parellel to water surface when on plane at wot.
Is water flow skmiing right under the upper small water deflector plate ? if not will need to rise/lower the motor on transom to chieve that. Must make a visual inspection of what is going on at back of lower leg when fine tuning the lower leg height.
My cousin forgot to install the prop washer, both mating surfaces has been shaved badly, there's a one centimeter gap between prop body and gear case assy, guess what same motor works top with 0 prop aeration whatsoever, the motor has been carefully tarsnsom height matched to perfection, your motor gap is nothing compared to.
Props are usually through hub exhaust ones, but there are over/through hub exgaust props, my cousing has dialed the latter without knowing anything about them. Report you findings with new trim setting. on a wot run on flat calm water cond and correct deck load evenly distribution.
BTW, OEM Tohatsu props are excellent performers, don't understand why the mayority of boaters likes swapping them for other prop brands with same pitch that can dial different wot rpm compared to same OEM props with same pitch.
NOTE : Don't go for a new drive shaft housing assy, test with proper trim and motor height as indicated before..
Happy Boating