Re: 1989 150hp Yamaha. Prop Pitch???
Well, my first thought when seeing an engine turning 1500RPM less than it should, I would verify the tach....but after punching in your numbers and using 12% prop slip, I do come up with 38mph @ 4300rpm with the 19P.
I'm thinking back to my Texoma days about a 21ft boat similar to the Century...can't remember the make...anyway, this rig had a 2003 Johnson 150 looper. I got to know the guy that owned this boat pretty well, and it always bothered me to see that engine setting on the transom...I asked him 1 day what prop he was swinging and it was a stock OMC 15X17...I asked him his rpm max and he said all he could get was 5200-and had terrible hole-shot to-boot.
I finally talked this gent into letting me assist him in raising the engine...we went up 2 holes but only got to 5350-still a killer for this engine. We ended-up going with a 15X15 on this rig and got to 5700....he wanted to stop there.
We need to know the make and model of your prop and that will help with some idea as to which direction to head. Just bolting on a 17P wheel isn't going to fix this.