Some issues as pics are rather small to show full details.
Tracker shows a metal plate on transom, is it a external/internal sided single plate ? Your splash problem is : middle hull water flow at speed is banging on the upper round leg area *1. For that OB, water flow needs to skin right under small upper water deflector plate *2, for that will need to raise OB accordingly placing a wooden shim bracket's & transom width right under bracket.
The only way to check at which lower tail height is flow passing at speed is go for a wot spin on flat calm no wind water cond, with deck weight well balanced and trimmed at 90? for combo and doel fin to ride parallel to water level. Once there pull head out transom and check what's going on at lower leg. If combo and doel fin/anticav plate does not ride parallel to water level when on plane will achieve water drag there and slow down combo a bit.
How much can you rise OB for clamps to be well adjusted onto transom 1/2 inch ? if so, place a 1/2 inch wooden shim as suggested and go for another wot run and check if splash is gone, will only go when water flow skims right under greenish line *2.
This is the same issue boater used to have,
https://www.youtube.com/watch?v=oBeZjaA76VM
shimmed his OB as suggested and back splash is gone forever. To my particular taste he should have shimmed his OB less that 3/4 inch as for flow to skim right under upper plate. Your's is a rebagded same Tohatsu 20 OB.
Once there can go afterwords for a prop maximization. Report progress if wanting to go this way.
Happy Boating