Spark plug tester, compression tester, and def look at the pitch of the prop. Check engine compression with the engine warm, not cold. Prop should be around a 15-17p (avg) for these boats with a 150 engine. 19 would be pushing it and anything over that is probably overpitched and will have a detrimental effect on performance and engine longevity. (IMHO). Also, do a little homework and find out the engine mfg's recommended WOT rpm's for that engine. Then look at the tach while out in the water and see where you are in relation to that number at WOT. That should give you an indication of how the engine is performing relative to the pitch of the prop.
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1987 V20 w/1987 150HP Yamaha on a Shoreland'r Trailer
1978 16.5 Airslot w/1996 120HP Force on a Four Winns trailer
1996 V21 w/1993 200HP Mercury on a Shoreline Trailer
All towed by a 5.7L Hemi Durango.
If God didn't have a purpose for us we wouldn't be here, so
Live simply, Love generously, Care deeply, Speak kindly.
(Leave the rest to God) 
Silence, in the face of evil, is itself evil. Not to speak is to speak, not to act is to act. God will not hold us guiltless.
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