From the pictures you posted, I would start with two holes up, three if you could. Normal recommendations is you want to set the anti-ventilation plate up one inch above the boat bottom for every two to three inches back. The built in setback on the V21 should allow you to put the anti-ventilation plate at least an inch above the bottom of the boat. you shouldn't have to worry about any water pressure issues unless you put a jack plate on the boat and really set it high. Go ahead and set it higher than you think you need it, if its too high, you answered your question, if it runs good there, then you will always want to know what one more hole up where it needs to be.
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