Looks good to me too and @Gene Neill gave a great explanation with the pictures. I take mine off and mount it to the tongue for added tongue weight but everyone has their system for sure.
As to the water line if your stern is that low shift some weight forward. It will make a huge difference in pointing and downwind speed.
As to the water line if your stern is that low shift some weight forward. It will make a huge difference in pointing and downwind speed.