G'day
The cowel is the cover for the engine. The bit on top you take off to get at the powerhead. I think what spudie is getting at is the top of the engine(cowel) should be parralel with the water in which you're traveling at planing speed. This will have the engine at the right angle with regards to trim positions. In theory the anti cavitation plate should be level with the water surface, sitting just under it and the trim angle will adjust the angle of the boat in the water, negative trim willb ring the bow down and increae friction with more hull in the water and positive trim will bring bow up, less friction and less hull in the water. You aim is to find a happy meduim. The anti cavitation plate should be level with the bottom of your keel (there abouts) as anything but will cause excess drag. You will need to raise this engine further still. Does it have the right length shaft or should you really have a shorter shaft engine on this boat?
Dave