Wow! Mine drinks fuel like that but it's a 225hp Merc and I run it hard. I would have expected 15-17 gph with a 150. Anyway, improving your boat setup won't decrease the number of gallons per hour your motor will drink at WOT but it will sure increase your top speed, so the net effect will be more efficiency.
With the motor on an offshore bracket you ought to be able to raise the motor pretty high without needing a jackplate. (An additional setback probably would not be desirable if you're already 2.5' back from the transom.) As the motor gets farther and farther back from the transom it can be raised more and more-- that's why the bass boats use setback jackplates, to let them raise the motors and cut down on drag in the water. My boat (without a jackplate but with a pretty aggressive step pad built in) has the motor set with the main cav plate about 3" above the bottom of the hull, so the top of the prop is just about even with the hull. That's an extremely high setting and the boat shop was skeptical when I requested it, but as it turned out it works fine because of the hull design (pretty unique for an aluminum hull).
Here's a picture for comparison:
The High Five prop you're running is a very capable prop for running in elevated positions. You should try raising the motor as high as it will go in the existing mounting holes and see how the boat performs. If it still doesn't give you enough height you could try a manual jackplate with the least amount of setback you can find, probably 3 or 4 inches. Keep raising the motor until you lose your grip on turns, then back it down a notch. If you run in a lot of really rough water you should err on the low side. If you're raising it very high keep an eye on your telltale stream to make sure the motor is getting enough cooling water.
The other thing you ought to check is to make sure you're running the right pitch prop. Check your WOT RPM's against the manufacturer's recommendation and make sure you're at the high end of that range when the boat is lightly loaded. But don't swap props until you've raised the motor-- raising the motor will raise your RPMs (and top speed) unless you've raised it too far. You can also try different prop designs; the High Five is an awesome prop for hole shot and for holding in rough water, but it has almost no reverse thrust and isn't the fastest top end (although not bad at all). I like the Tempest Plus (3 blade) a lot, best top speed and really good all around performance. Some folks prefer four-blade props such as a Trophy or Rev 4 for rough water use.
Good luck, let us know how it works out!
With the motor on an offshore bracket you ought to be able to raise the motor pretty high without needing a jackplate. (An additional setback probably would not be desirable if you're already 2.5' back from the transom.) As the motor gets farther and farther back from the transom it can be raised more and more-- that's why the bass boats use setback jackplates, to let them raise the motors and cut down on drag in the water. My boat (without a jackplate but with a pretty aggressive step pad built in) has the motor set with the main cav plate about 3" above the bottom of the hull, so the top of the prop is just about even with the hull. That's an extremely high setting and the boat shop was skeptical when I requested it, but as it turned out it works fine because of the hull design (pretty unique for an aluminum hull).
Here's a picture for comparison:

The High Five prop you're running is a very capable prop for running in elevated positions. You should try raising the motor as high as it will go in the existing mounting holes and see how the boat performs. If it still doesn't give you enough height you could try a manual jackplate with the least amount of setback you can find, probably 3 or 4 inches. Keep raising the motor until you lose your grip on turns, then back it down a notch. If you run in a lot of really rough water you should err on the low side. If you're raising it very high keep an eye on your telltale stream to make sure the motor is getting enough cooling water.
The other thing you ought to check is to make sure you're running the right pitch prop. Check your WOT RPM's against the manufacturer's recommendation and make sure you're at the high end of that range when the boat is lightly loaded. But don't swap props until you've raised the motor-- raising the motor will raise your RPMs (and top speed) unless you've raised it too far. You can also try different prop designs; the High Five is an awesome prop for hole shot and for holding in rough water, but it has almost no reverse thrust and isn't the fastest top end (although not bad at all). I like the Tempest Plus (3 blade) a lot, best top speed and really good all around performance. Some folks prefer four-blade props such as a Trophy or Rev 4 for rough water use.
Good luck, let us know how it works out!