Enclosed are the original specs for the boat you are looking at:
http://www.fourwinns.net/fastfacts/fastfact/1998/ff220Hp20-24.pdf110 hours in 10 years is very low. If it has either of the two 5.7 motors, it should done ca 50 when new. The actual top speed is influenced by quite a few variables though;
Actual power the engine is producing; when was the last time it was serviced ? (plugs, leads, distributor cap, rotor arm, fuel and oil filters, cleaned flame arrestor)
Overall weight of the boat and contents
Growth on hull/ outdrive/ prop
Condition of prop(s)
Correct (original) prop size/ outdrive ratio for the elevation above sea level
Outdrive trim angle
Throttle being fully open at the engine etc
Re the trim; it is probably the sender that has given up the ghost. In terms of getting the correct trim for maximum speed with an inoperative trim gauge, you could start off with the outdrive fully down/ WOT and tap trim switch to bring the outdrive up gradually until the speed doesn't increase any further. Be aware though that it will come to a point where it will become noisy due to the outdrive U/Js and you should back off! What RPM was the motor making at your indicated 35mph ? Can you borrow a handheld GPS to check the actual speed?
Graham