Even running deep, it should run a lot better than 50, it would just be scary to drive.
1st question.....Is this GPS speed or speedometer speed? Speedometers are very INACCURATE. I ran a calculation on the given rpm and speed and it show you are slipping 32%. Most boats will have around 10-15% for a average and I have seen some with 6%. I also feel it should need a bigger pitch prop given the boat. It should fly! Also makes a big difference in what 23 pitch prop you have. You can have 10 different 23 pitch props and each one will run differently because of different characteristic of the prop. That is why there are so many choices when it comes to props. Good thing is that Mercury props will fit your engine. I have ran Yamaha props on Mercs but never reversed. Where are you located? I have a few props that one day when I go to the lake we may be able to hook up and test a few HP props on your boat.