the 5.0 and 4.3 will use different gear ratios in the drive. Typically the 4.3 used a 1.81 or 1.84 drive , 5.0 a 1.62/1.65 drive. So you have too much gear reduction, hence revs are way up.
You may be able to go up in prop pitch to accommodate this. I did a 4.3 to 5.0 swap in a Sea Ray 200 kept the 1.81 drive ratio and went from a 19" pitch3 blade to 21" pitch 4 blade, and have great hole shot for pulling skiiers. A decent rule of thumb is for every 2" pitch up or down the wot rpm will go up or down 400 rpm. Of course with all the different design props- stainless, Al, 4 blade vs 3 this isnt always 1:1.
Given you have such a light boat - you may need to go up 4" in pitch from what you are running now as a boat with that hull and engine may have wanted 1.47 drive ratio from the factory. I would start with the prop pitch changes and worst case you may have to get a new upper drive which is what has the gear ratio.
What prop are you running now