Went out yesterday in 97 Challenger/787. Tried feathering CHOKE, this worked a couple of times. Its weird...Das Boot could be running at 5000 RPM either before or after planing out, I pulled the choke and the engine dives, then push the CHOKE back in, and ZOOM! This baby topped out about 45mph at around 6800 RPM. It was interesting to note that it hit Rev Limit of 6800 with about 3/4 to 7/8 throttle (extra throttle had no effect).
Now I'm thinking there is a pressure problem in the carbs or fuel system. When the CHOKE is pulled, it instantly increases VACUUM to the CARB BODIES (ignore the engine RPMs diving for this analysis). Would the backside pressure cause the POP-OFFs to deliver LESS FUEL through the Hi-Speed Jets? I have the POP-OFF set to 30-32 psi currently (with 1.50 jets) . I'm thinking it needs a higher POP-OFF. Also, there is no flame arrestor screen (is this patently dangerous?) and the air cleaner is a big oval APE with a K&N oil treated screen filter. With this lower vacuum set-up, it seems the POP-OFF would need to be substantially higher, perhaps 38-42psi.
The other analysis would go something like this: The boat is running lean at HI-SPEED jets because of a fuel pumping problem (I have tried opening the HI jets up to 1/2 turn--no change) When it is idling, I can see tiny bubbles streaming quickly through the return lines, but I have not looked when it is running wide open because the back hood would get torn off by the wind. I guess I could confirm this by doing a high speed kill, then pulling the plugs to check their color, or by putting a fuel pressure gauge on the return line...