@Macdeep - Fix the transducer since this is obviously throwing up a ton of spray. I generally agree that you are likely stern heavy, but why not start with raising the motor one more notch?
Here's what I see: In both photos of the anti-cav plate, you are still low. The entire plate should be skimming the surface - I can just see a little bit of it in one of the photos. Unless you are blowing out/venting the prop, motor is too low. Raise it one more, and see where you are at - you are close, but not quite there.
Once the motor is up, it will help the porpoising, but to really address you may need a stern lift prop (typically a 4-blade, but not always). The foils may also help lift the stern, but only if the foils are skimming the surface. If they are buried, it just makes the handling go completely wonky.
Your description of having to run with the motor fully trimmed down to avoid porpoising was exactly what I was dealing with on my etec. I had to raise it 2 holes and switch to a 4 blade. Its a learning experience for sure.