You don't seriously think this is OK do you? As Tinkerer said You have a SERIOUS problem if your boat does this!

J Curtis, A Velocity is a great boat and usually a safe boat. However you have a potentially dangerous problem. Bad things, in a performance boat, can happen very quickly.
You need a good marina to take a look at it and advise you One that is familiar with performance boats would be best.

Where about are you located? Hopefully some can direct you to a knowledgeable trusted shop.

Welcome to the Velocity family.

Padraig

"I do all of my boating on the upper Chesapeake bay "

There is a performance shop in that area, I cannot remember the name but the owner is Dave. Nice guy to deal with. Maybe somebody can help you out with the name of his shop.
Good Luck

many people have said it sounds like the gimble ring if it turns out to be that I think I will just throw a whole new transom assembly on any put one on and how involved way it?

The hard part is removing and installing the motor due to weight. Other then that its fairly easy. Remove inner plate, outer assembly, clean outer, install in reverse. Torque nuts to 23 ft lbs

I do plan I doing it my self but anyone have any idea a ball park price if a marine mechanic did it for me?

4-5K for parts and labor to replace a transom assy

If the budget allows it would be a good time to add external hydraulic steering. Boat will handle better and it will tighten up the steering at speed. Will make a big difference when you start adding more power.