I think it may be under-propped as the original motor is designed to run at 5-6,000 rpm.
I suspect that a larger diameter/pitch prop will be needed to allow the motor to run at a lower speed
and produce a lot more thrust.
According to the
dynomometer data the HPM48-5000 motor produces its maximum power output @ 3,206 rpm
(~6.5kW) and the power output drops significantly as the rpm rises above this figure (~2kW @ 4,000 rpm).
If your motor is reaching 4,000 rpm during normal use it is clearly not producing the power it is supposed to.
A larger diameter/pitch prop should load the motor sufficiently to prevent it from reaching the noisy rpm and produce a much quieter running outboard.
Alan