why would my boat hit 5200 rpm the drops rpm in about 10 sec of wot . it feels i am lossing power and tach goes down to 4600 rpm and speed goes down also.

Could be starving for fuel,, if you back off for a minute and run it up again, what happens? 

Last year I helped a guy out at the upper sandbar at Parker, we pulled his filter apart right there on the water and had him running right again in 10 minutes or so (he did have a filter that could be opened and cleaned)

If I let off and get in it again the same thing happens I put a new inline feel filter and water separator. Would the mechanical fuel pump be failing?

Was there junk in the other fuel filter?  Did you try blowing through it to see if it was clogged?  You don't happen to have fiberglass fuel tanks in the boat?

It may be the fuel pump can't keep up with full throttle operation, can you temporarily rig some kind of fuel pressure gauge to test.

Another possibility might be float level is set too low,, or maybe even the needle and seat is getting stuck (but logically if it was stuck it would not allow more fuel into the carb at all)

Yes it is a holly carb I will try the fuel bowl  thanks for the help