If spewing water up in a "rooster tail",I would say engine too high or trimmed out too far.
Measure from top of transom to bottom of keel.Measure from bottom of bracket,the arm that hangs on the transom,to cavitation plate.Needs to be within 1 1/2" either side of the transom measurement.Cavitation plate,ideally level with bottom of keel.
http://continuouswave.com/whaler/refere ... eight.html
I forgot to mention,holes can be easily filled with an epoxy filler and repainted.
I also forgot to ask,do you have PTT or manual? If PTT trim all the way in until she gets up on plane,then play with the buttons 'til you find the sweet spot.
I manual,put the pin in to,say second hole from bottom,then it's stop start 'til you find the sweet spot.On mine it was the second from bottom on the Merc800.Don't forget to switch off engine while leaning over the transom
![Very Happy :D](./images/smilies/icon_e_biggrin.gif)
,and have a string on the pin in case it falls out of your hand
![Sad :(](./images/smilies/icon_e_sad.gif)