4200 with an "A" is about 300 hp +/-. Without any details on your 454, that can be very realistic - not a problem with your pump, but you need more power. Check and see your secondaries are opening all the way (if vacuum you need to do this under load on the water not in your driveway). I was stuck at 4200 b/c my secondaries did not open. Once fixed WOT was shy of 5k.
You need to pull your impeller out to see what size it is... you can't tell by looks.
FWIW a stock 454 without any major work makes 330-350 HP right out of the box.
Also FWIW, you do not have to "pull" the impeller, but rather the bowl (which is only a couple steps short of pulling the impeller) to check is size (betting an A). simple verbal clarification, no offense intended

That being said, I agree that the carburetor is a good starting point. If you don't already have one, go pick up a cheapie vacuum gauge.

Totally agree on removing or cancelling out the wedge. I would also be careful puting that much strain on the steering cable attatchment bolt and tiller arm, as it sits you need a swivel...

Assuming that pump has never been apart, there has been a lot of sand/gravel passed through that badboy looking at the condition of the intake.

IMHO you need to verify your RPM's with a trustworthy tach, then get the most HP possible tuned into your motor and go from there...Have you looked up through the grate at the impeller?
You may see something obvious....
A loader at this point would be a step backward if your info. is correct (like Tom says).
Another little "tid bit" that is sometimes overlooked, have you had the boat/trailer weighed? Sometimes these old boats get water logged and we don't even know it......Just sayin'.
One more thing, I find it odd that we put on some Step and Trim's, but have the nozzle wedged like a MOFO

, I think someone was trying to make a NHRA roost, on a SCCA budget

(meaning nothing more than they cancel each other out).
Good luck!
GT