It's a holley 750, possibly an 850, mostly stock motor. Secondaries open and they are vac. MSD R2R with a blaster SS coil, no balast resistor. I doubt it is 180 out because it doesn't run bad at all, sounds really good actually. I'm gonna check fire order in the morning. I have 3/8" fuel line, it goes:
Tank pick ups to manual selector valve
Selector valve to fuel/water separator (1 week old)
Separator to mech fuel pump with new filter inside
I need to replace the fuel lines from tanks to the selector which I will do tomorrow, have new Gates reinforced fuel injection lines already. Coworker suggested if the lines are old or not the right quality they can suck themselves shut and restrict flow, and that is why all boats have upgraded fuel lines from automotive applications. I won't be able to get it on the water again until sunday though.
If it was 180* out you would know it. A couple plug wires in the wrong place, that's one I wouldn't have thought of, but worth a check. Seen that on U-Haul trucks in the past.
I'm going with the concensus that the tach is snafu. Or it's incompatible/not set up correctly with your ignition, something. 51 MPH out of a pretty heavy 19' Hallett does not equate to 2900 rpm on a stock 320 HP engine. Just not buying into that.
Also, on the hose, remember you are not loading the motor. A Jet Drive, IN the water, acts, for the most part, the same way a dynamometer does to measure crankshaft HP. The jet drive, for the most part. (I know, some of us are hitting them with 6-7-800 HP and a few well beyond that, but that is an entirely different matter). The motor is gonna quit before the jet drive does, if the jet is in decent shape. More RPM, more resistance to the engine at an exponential rate. This is why you can almost look at a Berkeley Impeller chart and find your impeller, and your max RPM, and be pretty darn close to what a dyno would tell you your max HP is AT that RPM.
A standard, marine 460 is a 320 HP deal, and usually an A impeller in the pump SHOULD let you spin up to 4600 or so RPM. My old 21' Biesemeyer had a fairly fresh, new, Harmin Marine 460 and JC-A and would spin to 48-4900 with no problem. A whopping 50 MPH.........Mind you....... Only mod was an 800 CFM carb.
I'm not saying your boat is as heavy as that old tank was, but if you're pulling 51 MPH at 2900 basically stock, we are ALL doing something WRONG!
Running the boat on the hose, you are only trying to cool the motor, and hopefully you're stuffing a hose both up the intake and up the wazoo to lubricate the pump while doing this! What is going to happen doing that is the motor is free-wheeling and will spin up to whichever gives up first, the ignition or the valvesprings. Means nothing about where the power is, or where the problem may lie. Particularly with a Vac Sec'y carb (Which I am in the minority of being a fan of).
Keep these things in mind playing with this thing.

Ray