What did you change the impeller to (ie. it should be a 13/18 or 14/19 at most)? How close is the clearance between the new impeller and wear ring? It should be damn close!
Is the bellows properly adjusted so it holds good tension on the carbon ring against the stainless steel disk on the driveshaft? You shouldn't be able to push the carbon ring back by hand easily, it should be very very difficult to open up that seal it makes.
Is your intake grate ok? Are you certain there's no foreign debris inside the pump right now messing up the waterflow? It might be worth a few minutes to pull the pump out and inspect it again just to be sure everything in there is A-Ok.
What do you mean by "below"? Below what?
Under what conditions does it have cavitation going on? Hard accelleration from idle or WOT at speed or somewhere in the middle?
- Michael