Bottomfish.........I believe a strong 150hp on V20/21 runs top speed around 36-42 mph depending. The late 90's Evinrude 150 loopers were more like 165 hp at the prop, and I believe the Merc's also in that range.
I suggest you consult with a long time Evinrude dealer/mechanic to discuss how your year 140 performed and such. In my area, Eddie at J&J Boat is 2nd generation Evinrude master tech and I'm sure would be happy to speak with you on phone. 856-456-0102
32 mph may be close for the state of your outboard and hull, but the low rpm suggests other factor at play....
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