Re: can't plane after engine swap. does reach 5000 rpm's
Will the engine go faster than 5000 rpm, or is that where it tops out at WOT (wide open throttle). Does the engine sound like it's going that rpm? It's not the tach is it???
If the coupler rubber hub spun, you would smell the burning rubber, and the engine would rev and the boat would slow down even more. So that doesn't seem to be what you describe. If the splines were stripped out, you wouldn't move at all.
So you change the prop, did the exact same thing happen with two props? If so, then that won't be the problem.
That leaves the drive itself. It has a cone clutch that could slip. Have you checked the gear lube for metal, and is it full of gear lube?
Put the drive in gear, you should be able to turn the drive one direction, but not the other. Does that happen? shift the other direction and the direction the prop turns should change also.