Just wondering if increasing the size of the vents in the prop would help, they are currently 1/4 inch, perhaps open to 3/8?, I don't notice the venting doing anything until on plain about 2500 RPM then I can hear and feel the change
"Feeling the change" tells you that they are working for you. Question is, are they big enough? 3/8 to me is not all that big as stated above. 2500 is where you'd expect them to seal up......with corresponding boat speed. I doubt holes will do anything for your porpoising. They will help your hole shot by allowing your engine to rev up higher developing the hp that turns the prop sooner.
Obviously when the engine is set back from the transom, different forces are at work. Controlling porpoising is a balance between hull vs thrust angles and speed. Whether or not your 5" of jacking is correct or not depends on distance of setback for one, per the old salts on here; past and present contributors. There is a rule of thumb and it is probably in the archives.....like 1" of height increase for every "X" inches of setback.
Obviously setback and jacking are part of the balancing act. On my boat(s) if I get/got into a porpoising situation I would do one of two things: Increase speed or tuck in the trim. If you are coming out of the hole and have to get to 30 to get it to stop then possibly larger holes would help the engine to get up to speed faster and help you to get to 30 faster. I have found that higher engine heights tend to reduce the effect of trim position on boat performance. Getting the AV plate out of the water forces the prop thrust to determine the attitude, not the AV plate, aka trim angle dependence.
The fact that you have to remain tucked all the way in just says that something needs to change. Since you have the jack plate, my first suggestion is to up the height 1" and come back with the results.
Have you tried the hole shot with the engine vertical or trimmed out slightly? I do this quite often and the boat does porpoise but it's a different kind. Frequency of oscillations are farther apart and only about 3. Each time you go through a cycle, the prop vents and the engine revs somewhat. That higher hp due to the rpm increase and faster turning prop bite as the bow comes back up and "rockets" the boat forward. By the end of the 3rd oscillation, occurring in a matter of a few seconds from dead in the hole, I'm at 30-35 mph and around 4000 rpm, holes sealed. BAM prop slip calculator verified my numbers with my assumed 12% slip.
Lot of jabbering here. Maybe it will help, maybe not. Let's keep the thread alive and keep us posted.
Mark