I have a 14' Lund with 20 HP Merc; the boat is rated for 35 HP. That motor will push the boat to 23 mph with two fisherman and gear.
No, I'm not running the boat at an elevation of 5000 feet. But, I do think it would go well over 8 mph on a lake at that elevation. There has to be some reason why your boat will only go 8 mph, and I don't think lake elevation is it.
You don't say how long you have ahd the boat, but has it always been this slow?
Far be it from me to tell you not to get more power if you want more power. But, it sounds to me like there's more to your "underpowered" situation than elevation of the lake you're running on. I'd look into the whole setup so that I was sure I knew what problem was being solved before re-powering the boat. Otherwise, you might be disappointed at great expense.