Went for the first test ride today. With the outboard trimmed in the position that yielded the best MPH without the jack plate (second hole out from full in) and the cavitation plate level with the bottom of the transom, the boat actually lost 1mph and gained a TON of porpoising. Even with the fuel tank placed in front of me as far as the fuel line would allow (didn't have a problem with the tank behind me previously) and the anchor at the bow, the boat was NOT happy. It wanted to porpoise unless I was leaning forward with my hand barely on the tiller. For the hell of it, I went to the third trim hole out and the boat didn't want to plane at all unless I let go of the tiller and leaned way forward. Porpoising was out of control. Also at these settings, the prop wanted to blow out in turns.
It seems the engine being set back that additional 4 inches AND being raised up 2 inches is creating enough leverage that the bow doesn't want to settle. It would probably be ok with a second person in the boat, but I still have a loss of speed, at least with the outboard at this height. I could try raising the outboard an inch via the jack plate, but I think that will worsen the porpoising condition (even more leverage) as well as prop blow out while turning. I tried removing the trim pin to allow the outboard to go full in, but it didn't noticeably help. Lowering it an inch may help, but then I will be adding drag and defeating the purpose of the jack plate.
Also, I noticed quite a bit of water riding up the leg of the outboard. This didn't happen without the jack plate when the cavitation plate was 2 inches below the bottom of the transom.