I don't know Danny, the best I've ever had my boat in perfect conditions, light load and really skint back was 51 mph on the GPS. You are at 44 mph (38.5 knots) so I would think you should be able to get to the 43 knots/50 mph with a light load, perfect conditions.
The idea behind the jack plate is you can easily adjust the engine so the cavitation plate is even with the water and parallel with the water as it comes off the transom/hull's edge. Remember the water comes up from the bottom edge of the transom at around a 10 degree angle, I'm guessing on that angle, might be more, so if the cavitation plate is too low the water, the water is not hitting on just the sharpest point of the gear case causing extra drag. Look at the "streamline" design at the front of the gear case at and below the cavitation plate, now add the two to three inches above that which is also plowing through the water if it's mounted too low.....more drag. That's my theory and I'm sticking to it.
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