A quick Google search showed the 403 olds made a whopping 185 hp. But that's net hp. If the gross hp was 100 hp more, you're working with 285 hp.
Per Jet Boat Performance impeller dyno, and assuming an "A" impeller, it's producing 228 hp. At least it's above net hp levels.
I ran a mild 350 Chevy, to 45-4600 rpm, "A" impeller. Chart shows 326 hp, and summit and jegs list it as a 330 hp engine. (Very similar combo).
Also at Silverwood, you're probably down 2-300 rpm due to elevation.
Couple of things to check-
Accurate tach?
Pump condition?
Proper timing?
Tired engine?
Pitot speedo or gps? (Pitot speedos are notoriously inaccurate)
I can't see 285 hp (or 228 @ the impeller) breaking 50. 40 does seem low.
Just my $0.02
Dan'l