Since I could feel the difference going from 15w-50 to 5w-40 I would say that yes, viscosity has a lot to do with it. Straight 40 weight is thick stuff.
However, the affect will diminish significantly on hot engines. Try again after running it for a while near WOT. Then again if you are running in cold water (around 75 deg), the oil coolers may keep the oil cool enough that it never really gets close to the 212 F point where viscosities are getting closer together. Also, do you have 140 F or 160 F thermostats?
Keep in mind Volvo specs straight 30W synthetic for its GM based engines. I would not be surprised if most 30W synthetics also meet 5w- or 10w-30 ratings.
The argument for 40 grades: UOAs I have seen on the GenII/III GM blocks tend to be better with 40 weights. Also, fuel dilution is a problem in marine engines, since they are tuned to be conservative and idle a lot. (Lean mixtures on heavily loaded engines can burn a hole through the pistons very quickly). Fuel dilutes oil and will reduce the viscosity.
Also, xw-40 grades probably run off slower, helping to control corrosion or rust.
Other than all that, you are slightly over propped at this point. More gear? New bimini top? Bilge have water (8 lbs/gal)?
Dropping an inch in pitch will give you 200 rpm. Reducing the cupping on the blades can do same. Most prop rebuilders can change the cupping on aluminum props very easily. Get the revs in the right recommended WOT range. This will balance the mechanical load between the engine and the drive properly.