Shane I have almost the exact same motor, the 115 Merc (same block/engine/carbs...), the motor runs on 2 cylinders below 1800 rpms then hits all 4, so first thing to look for/at is how many RPMS you are pulling from a dead stop when you floor the hammer/throttle, she should quickly rise above 1800 and into the 3-3500rpm range as you get onto plane.
What Prop are you running, one of the things i've found with the motor is she really only planes well with a small diameter prop and a vented one, best i've found is a 25p vented Turbo 3 blade, a lot of guys run the Laser II but usualy a bit slower top end, and best performance (holeshot and top end) i've heard is the Ballistic prop, but not a lot of those around and reported (never run one) the blades are thinner so if it breaks hard to repair (again just reading about it never run one).
So prop size, RPMs at WOT at take off let us know.