My HP is only or lets say about 235 at the prop, I can't answer the question about lower rpms and horsepower except it did what it did.
I use the Mercury web site prop slip calculator, Todd and I talked about this when I first got the prop from him, He came up with the same numbers.
Heres the link to merc site, type in my info which is 1.86 gear, 6400 rpm, 29 pitch prop 89.97 mph it will equal 5%
http://www.mercuryracing.com/propellers/propslipcalculator.php
Let me know if you guys come up with something different.
Heres something else to blow your mind, I tested a 28 Turbo TXP O/T 4 worked by me, 1.86 gears, 6100 rpm, 88.2 mph/gps = 2%