This isnt my boat but a friend asked me to post this up and see if anyone had any ideas

2002 Nordic Heat with 496 Mag HO and Bravo XR drive

Last fall the boat would run 62 mph at 5000 rpm. This spring he had some work done...Steering pin was replaced, gimble bearing replaced, drive service and full tune up. I know they had to lift the motor out as well to do some of the work. Anyways, now his speed has dropped to 57 mph but he still hits 5000 rpm AND he has a weird rooster tail now that he never had before.
I guess Im wondering is it possible something is misaligned which is causing him to not be able to fully trim OR its overtrimming? Has anyone seen anything like this before?

Interesting

Ensure his original propeller haven't been set down to hard while doing the drive service giving it a slight bend.

Could also be his crescent shaped insert is in the wrong position. See link below to see the correct position,

http://www.boatfix.com/merc/Bullet/98/98_16.pdf

Also since the engine may have been pulled out, You may want to ensure the throttle cable is opening all the way.

Curious about why was the engine pulled?

One possibility is he is down on power and over trimming to achieve the 5000 RPM causing the rooster tail, or possibly the prop got swapped out. Another thought is that the trim may not be working properly, so the hull is not breaking clean. Maybe excess weight in the bow area? That will kill a Heat. Just a few thoughts.

The trim indicator actuator may not have been installed in the same position as it was before.
Determine neutral trim, and mark it on the indicator window on the dash with a small piece of tape, or a Sharpie marker. Then trim up from there, no more than a couple ticks.

Does the boat have tabs? Could be stuck down or not coming all the way up.

Check and make sure they didn't swap his prop out for another.

You have to pull the engine to do the steering pin.