But, did you have fun? How did she sail? Looks good in the videio.Took her out on the water today with the previous owner for a test run!
Well, it won't help you win races. Is it a big deal? Not really unless you want to go as fast as possible. Do you want to fix it? Yeah, probably eventually. If the mount and engine are in good shape, I'd just wait until one or the other isn't and worry about it then.... the motor in the all the way up position still drags in the water about 2-3 inches, of course it will be more when heeled over.. is this a big deal in performance??
Then again, it might be an easy adjustment, depending on how you're attached. Just make sure your prop stays well below the water when you want it to. No matter how low your outboard goes, it'll come out of the water from time to time if you get in rough seas. It shouldn't come out at all over light chop. I've seen some rigged too high (in an attempt to keep it out of the water on all points of sail), only to have it barely skimming beneath the surface when in use.
Better to take the hit of a little drag than have it not deep enough.
Mine drags when the stern digs in, particularly if I'm heeled to port, but it mostly stays out. When raised in an unladen boat at the docks, it sits about 12" off the water. Lowered, it sits about 10" below the surface. I've wished it was deeper, but not much.