Just an outsiders thoughts Kev, for what its worth, the propulsion system you have seems to be along the lines of a fairly serious racing system. In a hull designed for racing I suspect it would perform well.
Your hull however is more of a cabin cruiser design with more weight on top than most racers and simply not designed for the speeds that you are trying to get it to. Basically I think your propulsion system out performs the hull and the reason it becomes unstable at such speeds is simply because the hull is not designed to go to such speeds.
I'm not sure if you will ever be able to achieve the stability you want when you are pushing such a hull to its extremes. The real danger could be a split seconds loss of concentration or an odd little wave and you will suddenly see your model flip over and everything might be lost.
I really do believe that every hull has a limit beyond which you should not push it. Maybe it would be better to put a less powerful propulsion system in this one and enjoy the more stable characteristics and put the propulsion system into a racing hull.
As I said just a thought, I don't tend to have this problem in the steam world!
Interesting to see the old two stroke motorcycle analogy. I was always into four strokes when my brother once lent me his Yamaha RD 200 for a run in a car park. Being completely unused to 'power bands' when it did kick in it had me off the back. Plus, lets face it, how many of the old Japanese two strokes were vastly overpowered for the frame, suspension and, most importantly, the tyres?