Not sure how too check gear ratio listed as 2.07 is there a number on the lower unit too look for to check ?
Take the cowl off and unhook the spark plug wires. Put the engine in gear, rotate the engine, clockwise when viewed from above, until a prop blade is under the anti-ventilation, mark that blade. Also mark the flywheel. Continue to rotate the engine until the marked blade is again in the same spot. If the Flywheel rotated a bit more than 2 turns, you have a 2.07:1 ratio, if 2 and 1/3 turns, you have a 2.3:1.
115 hp on a 21 ft boat should make low 30s, However with the 2.07:1 gear ratio, a 17 is going to be a lot of pitch. as you are at the bottom of the WOT range for your engine, dropping to a 15" should bring the RPMs up to about 5150, which is much closer to to upper limit.
I feel for a 17 on that setup, the rpms are too high, the tach may be not set correctly, or your engine is mounted too high and you are getting some ventilation which is unloading the engine while also resulting in high slippage