Hi
Sounds like airation not cavitation not that it matters.
Combination of prop, engine height, hull shape and trim can all cause what you are experiencing. Nicks or dings in the prop or edge of the skeg along with tranducers mounted too close or water pickups and anything else that can change / disturb the flow of water ahead of teh prop.
When it happens are you getting the prop to "blow out" ie loose traction and revs go to the limiter like it is in fresh air? Does the boat porpise up and down?
Which hole from teh top are the motor bolts in - take a photo?
What shaft length is the motor ? If you know .
Guages are rarely ( well the motor sender unit) calibrated on installation properly so it is just a indication.
Can you take a photo from the side of the motor / boat with the cav plate parallel to the bottom of the hull with the camera at the level of the bottom of the hull? The ruler or something longer to show the line along the lowest part of the hull? Trying to check if the engin eheigh is Ok. What is the approx distance from the bottom of the hull to the underside of cav plate?
The cav plate should be higher than the bottom of the hull.
The cure all cav plate addition may or may not help but best if you can get the boat set up properly without it and only put it back on if the boat has a bad habit you need fixed or if it makes a huge difference to your low speed planing / weight carrying.