Hey Mike
I remember your boat now that I can see it. I met you up at Berryessa a few years ago with the Laid Back Boaters. I was driving the orange Nordic minicruiser, sitting under the bridge with Cas. I thought your boat ran really well with that panther.
I just read through this thread. My question would be what did the motor sound like at the 4200 rpms? Did it run strong right up to the 4200, or kind of "starve out" ? I had a similar experience in a sleekcraft that I put a good BBC (from another boat) into. Started right up, ran great on the trailer, but when I got to the lake, it wouldn't go above 4000 rpms. I fiddled with the timing, fuel filter, carb, an figured it needed a tune up. Took it home and it ran perfect on the trailer, but I changed the points (yes it was that long ago) and plugs. Went back to the lake and its back at 4000 rpms. I was about ready to pull the plug, when I decided to disconnect the fuel line from the tank and poke it down the fuel fill--whoa, all of a sudden I was getting 5200 rpms out of that little race boat. Turns out the screens in both tanks were clogged, and restricting the fuel flow. Fuel flow was fine at idle, and with no load on the pump, but not enough to feed the motor past the 4000 rpms in the water. All I had to do is take the sending tubes out of the tanks and replace the screens. Maybe you've already figured it out, but I thought I'd relate my experience.
Mark--"Sanger Pete"