If the engine is running right and the injectors have been recently serviced, then the usual culprit is the prop.
If the prop is clean (i.e. not fouled) then it is likely suffering from too much pitch.
If your early 80's engine is a Universal M25, rated at 21 hp, it should push your boat along at about 6.5 kts, maybe a little less if you are heavily loaded down. Nothing under 6 kts in any case. Check your manual, but I recall that your specified cruising rpm's are 2100 to 2600, with max revs= 3000.
We have almost the same engine, an M25XP, and cruise it at 2500 rpm all day long for deliveries.
And, having mentioned props, I would note that it is common for the original builder to install an incorrect prop sometimes, and for prior owners and misguided boatyard guys to re-prop with the wrong pitch... and sometimes even the wrong diameter.
Some research and comparing notes with owners of sister ships will help you a lot with this.
Your ODay has about a thousand # more calculated displ. than our boat but also a little more WL length. We have 23 hp, and motor at 7.0, for 24 hours straight on delivery . If pushed a bit more than our engine produces some smoke, but none to that point. And that's with the boat fully "loaded down" for a two month summer cruise.
I have sailed an ODay 34 some and it's a good-performing hull.
Regards,
Loren