This summer I have been experimenting with different props, trim tab, and motor trim positions. While I am not done yet, with a Propulse prop on my 90 ETEC, I found I got the best fuel economy at less than WOT on flat seas with the trim tabs in down position (about 5 lights on the Bennett indicator) with up trim on the motor. In other words, the boat wanted its bow down some (or stern up) so it presented the least angle of attack to the water flow. The motor was most efficient when the propeller is parallel to the water flow. The lesson on that configuration was set the trim on the boat with the trim tabs and not the motor.
I wish I had a trim indicator on the motor in order to duplicate certain trim conditions. After watching the fuel flow meter it doesn't take much change in motor trim to send fuel economy the wrong way.
Of course the biggest factor in fuel economy is passengers who won't stay in their seat and water that isn't perfectly flat. All the work on getting the best trim goes out the window.