I also have a 95 speedster. Climb under (does that make sense??) the boat and take a look at the pump from the bottom and see if the ring that surrounds the impeller is smooth or all gouged. Also check it from the back end. Also check the condition of the impeller itself. The wear ring probably needs to be replaced. Does it "catch" after it catches up a bit? Very common on these boats. The wear ring is there to do just that. Wear. If everything looks good, then there are several other things to check.
Let us know what you find. Also, how about some pictures of your boat. We would love to see it!!!
Good luck,
Sink