At first glance it does appear that you're way overpropped, but before you start trying different props make sure your tach is reading accurately, as analog tachs can be very inaccurate. Also make sure motor height is correct. Top of the Anti Ventilation plate should be above the water when you're up on plane. I'd also make sure motor is up to snuff (correct timing, good compression, spark/throttle linkage correctly adjusted) If you don't have a factory manual, get one. It'll be the best money you ever spent!
I suspect the optimum rpm for your motor would be closer to 5500. It's 5400-5500 for the 150 E-Tec which is the same basic block. I think GFS and 76Red18 have similar motors and may be able to advise you on that.
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