You might try trimming the motor all the way down,or moving some weight,like batteries from the stern to the console.Usually can be corrected by engine tilt or weight distribution.
I'd say that motor is a tad low... costing you speed and fuel since the water will be hitting the lower unit above the cavitation plate.. It may be causing your problem but I doubt it. try moving up the pin... can't hurt wither it will help or not. Also how many bolts are holding your motor on? am I seeing things or is there no bolt in the lower position?