Not an expert butt, when I lost my lip I lost 5 mph. This was before raising the engine. As I did raise the engine I gained it all back + 1 mph before I lost the engine. I started a about 3/8" below and ended at over an inch above. My lip had been worked over by someone prior to my ownership. This was due to chunks out of the running surface and lip. It was not as straight and sharp as it is now. Hooked it at 95mph twice due to bow dropping and backing out of the throttle to fast. Before doing this I had posted here and used the search trying to find out all I could.
I would raise the engine and then drive the boat the rest of the day to get a feel in all conditions that I could put it through, then the next time out raise it again and drive it. Ended up before blowing up the boat was extremely stable through everything I put it through even at WOT 96 mph. So well, I was tempted to drive without hands on the wheel.
Mine is different being a 1994 XB2003 center steer, first year of production and I think #22 built. The weight is probably more than you and BadBait have, with the Merc 250. 3.0 JohnRude Taylor bolt on SDS EFI, 16" mid, sports-master lower with 1.62 gears. 7'-8' Rapid Jack set at 8". RPM was limited due to running into a rich fuel mixture, 6,800 to 7,000 rpm.
Drive it and raise the engine only after much running in all sorts of lake conditions. Keep an eye on the water pressure and temp. You will, I suspect end up 1" to 1 3/8" above. There is a pic of BadBaits boat on here running at the delta. Look for it and check his trim angle.