Yes you should see a rpm and speed increase going from low to high. Whole idea for that plate is to let you from motor down to get a good hole shot then raise plate as you increase speed for performance. They are primarily installed on boats like yours for fishing shallow water and driving around at slow speeds. Like flats fishing. They can come in handy for crappie and bass fishing for same reason. Let you get larger boat into shallower water. One thing you have to be super careful of is not raising motor to the point you lose water pressure. If you don’t have one that would be first on my agenda. As to where to set it is hard to tell with not being at the boat. I would serch around for a costal boat dealer and check to see if they have anyone experienced with them. If you could take some pictures with motor trimmed down level. Take one from rear of motor that shows bottom of hull, then a couple of side shots across transom showin skag of motor in relation to bottom. One all the way down and one all the way up.
Proud Member of Team Geezer
Charlie Weaver USN/ENC 1965-1979