I hope it works. You should get a chance to get a good look at it from behind next summer. lol
I think you will be putting the jack plate back on the boat to put the prop back in the water, David is right, a low water pick-up would be a must for that set-up. Cutting that transom down would be a tough job on that boat, it's tough, and was built to suport that motor on the jack plate. Have you noticed that most all the high performance boats, bass boats, and a lot of off-shore boats are running jack plates to improve the speed and performance of their boats, and the one's that are not running jack plates have a design in the hull and stern with the same effect as a fixed jack plate. Here is a good artical about the jack plates ..
http://www.trailerboats.com/output.cfm?id=2087029Before I modified the transom on my boat, I priced all the set back and raised systems they use on Mercruiser drives, and the cost was between $5000 and $7000 bucks, thats why I modified my transom, I set the motor and drive back 5" and raised it 3" and got the same increase in speed and performance the boats with the high dollar components got, after an extensive prop selection process was achieved.
I'm no design engineer for Sure, but I have run a Lot of boats, and made a lot of mistakes, and I'm still learning, but I know you want to get the boat on plane, the prop has got to be in the water, and if ya want to go fast, the prop has to run shallow, finding the "sweet spot" to achieve both can easilly be done with a jack plate.