I am still not convinced that you can make a general statement about the plats position. For sure, you don't want the underside of the plate out of the water. That boat originally had a 2 stroke power plant. The 4 strokes weight about 100 pounds more. That will lower the stern.
Gear, fuel and people will also change the height of the boat in the water. In addition when you move to the stern to 'look' at where the cavitation plate is, you are shifting weight aft, pushing the plate down. With all these factors, I would lean towards having the plate slightly lower to avoid possibilities of the plate coming up out of the water stream under different running conditions.
More important than plate position are handling characteristics. If the boat/motor are working well together, don't look for trouble.