Something is definitely out of whack. My father's Sceptre with a rebuilt '96 carb'd Yammie 225 would run 39-40 in the corner. That engine had great midrange so it pushed the boat consistently at that WOT speed regardless of load. I believe you have an older Johnson looper on yours. He had the Evinrude equivalent ('89) prior to the Yam and it too would push the boat to 40. If all was well with your engine, given the load you describe, I would expect 35-37 at least.
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