Also keep in mind that there is a speed which, regardless of horsepower, the boat will go no faster. It is known as the theoretical hull speed, and is based on a number of factors...weight, beam, draft, etc. all have an effect on boat speed. I would guess that even under optimum conditions your boat will only do 6.5 knots or so. If you're making 5.5 knots you are probably not doing all that bad. Make sure the bottom is clean and try again.
As far as the prop goes: if you are making 3400 RPM, I think you are pitched correctly. A finer pitch will give you higher rpm, but the engine isn't designed to run that fast. A coarser pitch would only slow the rpm, and the boat, down.