First off, for those that have replied, NEVER believe any boat speedo, they're terribly inaccurate. Don't even try to compare boat speeds unless you are using a good GPS.
Now for the accurate part. All the tests I've read on the FW190 with your motor (and there's quite a few out there) shows an average of low to mid 40's for top speed. So you're doing OK. Some boats have tested at the low end (like yours) and some have tested higher (around 45-46 mph). One thing to remember, NO two props will perform the same, even if they're brand new exactly the same pitch/model. Just like no two engine/outdrive packages will be identical.
Researching FW's own tests, and the tests of boating magazines of your hull/engine combo, your speed is about right. I do think that 4200 is a little low for top speed rpms. You could try another prop of the same model/pitch and see what happens. Also, make sure you've trimmed the outdrive up and down until you've achieved your best top speed. That can eat up a lot of lake. Another thing, if your motor has not spent much time at WOT since new, running it there more and more can help. Of course, you'll wear it out faster too
_________________
Previous Four Winns: 2003 Freedom 180, 150 Johnson XL, purchased new July 2005, sold Sept. 07
Current Four Winns: 2002 Horizon 170, 115 Yamaha V4, purchased May 2010 from family friend.