Here's how it turned out
I thought I'd let you guys know how it turned out, since there's a lesson in here somewhere. Thanks to all your wonderful advice, I went back and dialed in the valves just right, but still no joy - engine wouldn't start. While I was perusing the internet looking for answers, I came across a post on marineengine.com in which the author said "I've seen more engines repaired, rebuilt or replaced due to a clogged mixing elbow...". I thought "hey, haven't checked that yet." Guess what. Completely plugged. Not a chance any exhaust was getting through. Stopped by my friendly local parts dealer, picked up a new exhaust elbow, gasket, coupler, and mixing elbow (I was already planning on replacing the exhaust since it's original and the boat is 15 years old), slapped them on this afternoon, and now that baby is purring like a kitten. She's never run so good. So as best I can estimate, I may have had a plugged primary filter, or maybe it was the mixing elbow that caused the drop off in RPM. After I replaced the filters, I incorrectly adjusted the valves, which may have contributed to the elbow completely plugging up about 20 minutes into my run test. Then I spent two weeks chasing issues trying to get the engine to start, when the whole time the elbow was plugged solid. After learning from you folks how to PROPERLY adjust the valves, I replaced the mixing elbow, and now I have a well tuned and ready to go engine. Don't know what I would have done without this site!