I doubt the fact your oil pump is bypassed has anything to do with your problem.

I have a 1994 40 hp 4 cyl. Merc, I believe the same basic motor as yours & I'm considering bypassing mine before next season as I just dont trust these injection systems especially after a decade..

The oil pump is driven by a gear off the crankshaft & supplys oil to the fuel pump I may be wrong as I believe your motor has the earlier oil injection setup but I cant see how the oil injection being bypassed has anything to do with you not getting full RPM's ..

First thing that comes to my mind is gas tank vent clogged open ? Correct prop ? Linkage properly adjusted for full RPM's ?

Fuel filter backwards ? Carbs dirty out of adjustment ? Stuff like that..

First post for me but long time lurker