I have a 29" Shockwave V hull. It is a 24 degree 2 step hull. I have tried several props from a Bravo one (26") as well as a Hydromotive PX5 (25"). I am getting about 21% slip with the Bravo One and 25% slip with the Hydromotive. The boat is set up with a IMCO SC drive and an IMCO extension box. The current setup is a -2 shorty lower with a 1" spacer. The drive height as it sits now is as follows. The prop centerline is 2.5" below the bottom of the V hull. The boat gets on plane OK but I think I am loosing quite a bit of performance due to the slippage. Any recommendations on where my drive should be set to obtain maximum performance. This is how it was set up when I purchased and I have not changed anything as far as the drive setup is since I purchased it. The slip seems consistent from mid range thru full throttle.

At 2.5" below, you are in a great location. It will take a 5 blade to get the slip down. Have you tried a Maximus. It's a little larger prop than the Hydro. IIRC, the P5x is only a 15" diameter prop. Have you tried a P5? See if you can get a Maximus. It has a little more blade surface than the Hydro and will bring the slip down. However, you don't want to get it too low as the Bravo may not like it all that much.
Eddie

How far does your drive shower drop through the cavitation plate? They tend to come long and people don't trim them. It can cause a lot of slip.

No external drive shower pickup on the SC drive. One more item is the cavitation plate was cut off very far back on the drive for some reason. I fabticated a new one and bolted above the existing cavitation plate but have not tried it in the water yet to see if it has any effect.