There's something pretty wrong if you're only getting 30mph out of a 5.8 with 140hp on
I think the prop on my old Johnson 115 was only 13.75in diameter (x19in pitch) and did not have any problems with ventilation/cavitation - standard 3 blade alli prop and would do much more than 30 and only ventilate when it was trimmed right off the top of the trim gauge scale.
I don't know how the trim gauge is set up on yours but I think on mine there was some adjustment - is your trim gauge maybe reading wrong so when you think it is half way up it is actually much further up than that? just a thought.