forget the horsepower, a 19" prop turning 4700rpm (trimmed up, running clean) should be at approx. 50mph.....you better check your speedo for accuracy.....
A long time ago, my Formula (also about 5000#), at 4700 rpm, 3 blade 19" prop = 52 mph on speedo.... compare, then fix it !! may just be a plugged or kinked pressure line. good luck.
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