Where is pressure reading taken? Mine being carbed 500s was in the intake under the carb. 5lbs is what mine ran also. I spun 32s though. My 43 shouldnt differ that much if any from your 46. It blows me away that things got worse when you pulled the spacers. I run 26s now on NA motors and run 70 at least all the time loaded. I'm perplexed with that boat but I still like the paint job!! I'd try the following to see if anything stands out.
Compression test
Verify drive ratio is 1.5
Get a long straight edge and check hull for hook and drive height
If possible, weigh boat and trailer to make sure it isn't soggy.