"Yes I downloaded it. And yes the spring is installed."
Great, so you should have the assembly drawings and instructions, I think.
Now, if that black plastic nut is lose then can you tighten it clockwise by hand (you may need to place a socket on it, I do) until it's tight? Maybe someone before you tightened it too much and stripped the threads that hold the valve blade?
If so, the rave valve blade may have dropped to the bottom of it's pocket and isn't opening on command of the MPEM.
Do they both seem the same, when you take the caps off are they both lose or is just one tight? Only hand tight with a deep socket is enough, IMO. You haven't removed the raves, so how do you know the blade isn't just laying in the bottom of it's pocket and never moves up?
You've got to carry some of the load here in comprehending what's going on.
I recommend first, pressure check the rave bellows. Then, I would recommend you remove them one at a time and completely disassemble and clean them, check the components to make sure it's all assembled correctly and then reinstall them. Once reinstalled, pressure and vacuum check them again and make sure they move up and down like they're supposed to.
That's all there is to them they just move up and down, up to open the exhaust ports once the engine is in it's power band, then down for smooth engine operation at lower engine speeds.
On mine, I can feel the power increase around 5,000RPM's when those rave valves open my boat almost jumps up in speed.
You probably really can't change when they open by much even by turning the caps all the way in(try all the way in once) b/c the MPEM decides when to turn the "air" pressure that opens the raves. About all you can probably do is defeat them and I have doubt's you'd like the result but I haven't tried that myself, no reason to.
It's also possible to change the 951 engine rave to operate independent of the MPEM, but it involves drilling out holes in the bottom of the mounting base and I've never tried that either so cannot comment on what has to be done exactly and how well it does or doesn't work.
I try to keep my boat as close to factory setup as I can, changes tend to have negative consequences if they're not well thought out prior to implementing them.
So, if you're certain you've reassembled and tested your raves and they're working properly, we'll move on to trying to resolve the other potential root causes of the boat not running properly.