Usually high rpm's are heard when hub is fully shot, dead, kaput. When on it's way to become so won't achieve higher wot rpm due to internal slight hub slip. This is a simple test, but if wanting to play fingering the whole OB while guessing what could be the culprit with no avail do so. Bear in mind that if OB has still the OEM prop on prop shaft, it's a 36 year oldie. No way for prop to last that long or perform spot-on.
Happy Boating