It would be very unusual to put the engine hard over to one side and then give full throttle. Also since these boats are almost flat bottom, (the 1988 boat hulls are the same as current models), they will slip side ways far easier than a conventional V hull or a boat with a keel. Perhaps you are pushing the limit of the turn?
If not then as Tom suggests blade tip clearance, too much cup or rake in the prop, or a slipping hub could be the issue.
If you topping out at 5400 then I would run the boat in the mid to high 4,000 RPM range--not over 5,000 all of the time. What speeds are you seeing--and what is the diameter and pitch of the prop? Aluminum, composite or SS material?