I'm assuming you are talking the Merc 6.2 Horizon? Your most fuel efficient speed is just shy of hull speed. Beyond that, the only way to tell is with fuel flow meters. Cruise RPM for the 2007 6.2 Horizon is between 3800 and 4200.
I can speak for the 2007 model and V drives. That seems like a lot of prop for that engine. Can you reach the engine's WOT range? I say engine because the inboard and the I/O are the same engine rated at different RPM's. The difference is the V drive max's out at 5K the engine at 5200. If you are not reaching at least 5K WOT, you are overloading the engine and probably burning more fuel than necessary.
YMMV