The elevation thing is tricky. I would move the engine up. On the trailer make sure the cavitation plate is 1.5" - 2" up from the bottom of the V. 4800 and 5000rpm WOT is lugging the motor down too much. I really surprised at the numbers, but it must be the elevation and the engine sucking wind. You might look into tweaking the carbs for that elevation. If you can prop the engine for 5800 WOT you'll get the best fuel economy.
Given the information you've provided with the other props. The original Enertia 17P will get you very very close to 5800rpm. I still think your missing a few hundred RPM with your current setup. Try posting on screamandfly.com after you play with your engine height.
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