A handfull of things to think about with boat set up and I've owned a few in my life at this point and alway strive to push the performance limit; First thing is first, not all hulls are created equal even within the same brand and model, some just run-out a little better due to slight variations in hull deflection, cupping, loading, and other factors that come to play in the manufacturing process. If you don't have a jackplate, typically on a deep v walleye boat having the center of the prop shaft 3.5"-4.0" below the bottom of the boat is optimal. At 50 mph, every additional inch of your lower unit that is in the water is said to create approx. 1000lbs of additional drag, the higher you can run your engine without the prop blowing out (when running straight), typicaly the better (I run mine as high as 3"). Running the enigne in too low of a position will create all kinds of performance related headaches. a quick easy way to assess this is when your running at WOT, look over the transom and see if the water is below the cavitation plate, it should be, if not your likely set to low. Next, if your running over 40-45 mph and still using an aluminum prop, your missing out. Aluminum will flex and simply cann't be shaped the same way a stainless prop can be. Even a stainless right out of the box will hold the water way better than a similar aluminum prop. Also, not all stainless props are created equal, you will need to decide what performance characteristics you want and then choose a prop. There' are different blade styles, numbers of blades, diameters, location of cupping, barrel lengths, barrel flare, and other things that will give each prop it's own character. Bottom line, the most effiecient (typically the fastest) normally has the fewst number of blades and the highest pitch where your engine will attain the max rated RPM (this is a general rule). To get the best performance, under a light load you should run right against the max rated rpm for you engine, under a heavier load, hot or humid conditions, RPMs will drop. I personally run two different props, a DAH modified 21P Tempest Plus and a DAH modified 19P Revolution 4. These are two completely differnt animals, the Tempest is about 5 mph faster than the Rev but the rough water water handling and load carrying ability of the Rev 4 is night and day different. When loaded light I have to watch the RPMs to not over rev with the Rev 4. I've ran High Five's and they kind of have a place but there are better wheels out there, deffinately not the most effiecent prop I've ran and reverse was horrendous. I've ran no less than 9 different props across two boats so I've tried pretty much all the big hype props, some work, some don't. If you get the boat optimally set up, as you trim up the steering effort will loosen, continue to bump up the trim up untill rpms began to raise but the speed doesn't or begins to decrease, then bump the trim down just a notch or two. This will be your fastest trim setting. Normally on any hull with any performance, you'll need to trim back down to make any harder corner without the prop loosing grip and blowing out, this is completely normal. Being a little squirely at WOT is fairly normal but with a prop change you'll find this will change also.
FYI, spray and rooster tail will vary between boat and prop. With my Yar-crafts, when trimed out and running, the spray is at the back corners of the boat, and even inside the back corners if I'm light and really getting after it. On my skeeter, I couldn't ever get the spray behing the drivers seat no matter the engine height, prop, or loading of the boat, it just didn't matter. It also wasn't a very fast hull comparitively and I chalk that up to not being able to get enough of the boat out of the water. Take it for what it's worth.
Ideally, you'd have a jackplate on the boat and 15 different props to try sitting at the dock but we don't live in an ideal world and this stuff add's up $ in a hurry. I would start with the engine height (it's freebe if you do it yourself) and then dial in a good stainless prop to reach the max rated rpm of your engine. Used props can be found for $300-$400, new ones typically $550-$800. If you really want to get crazy, start weighing what you have in each compartment and move stuff around to attain the best weight distrabution or call a custom shop like DAH or Mark Croxton and they'll get you dialed in for the right $. A few props to consider and research are the Tempest Plus, Revolution 4, Bravo 1 FS, and or possibly an Enertia (All Mercury wheels).
Good Luck,