Just to clarify more....I take prop slip in account in my formula.

For example a 50hp outboard: The fuel gives 200 hp, engine gives 60hp, propeller shaft gives 50hp and optimum propeller pushes to boat forward by 40 hp or poorly fit prop gives 25hp power. All that wasted power

But let's get back to the slip. So what I'm talking about is that theoretically slip and efficiency are totally different. But in most real world cases the excess slip in planing boats will reduce efficiency.
And Jacques is right about the new engine. Especially as it's been running on too high revs and new motor does not do it eagerly.
If you want better performance you have two choices - try to get the prop slip less or use propeller with more pitch. Both ways gives you less rpm's and more speed.
And the best thing - don't worry too much, enjoy your boat
