"General "rule of thumb
"General "rule of thumb", the cav plate should be level with the lowest edge of the transom at the deepest part of the "V" where the motor is mounted.
However, most mfg's provide a chart to installers to determine a more "optimal" location for some of the larger horsepower motors/faster rigs.
To condense it for ya, if the boat will run at speeds upto/including 40 mph, mount it directly in line. For 50 mph you mount 1/2" high and 1" for 55 mph (it's not linear so if you need more than that I can give you an exact figure).
Once on plane trimming "up" until the prop is remaining (just) below the surface will result in top speed while running in a straight line, but you could end up "sucking air" in rough water or in a turn.
(you trim up to reduce drag which will squeak out a tiny bit more speed and save a couple oz of gas each hour - but don't expect "dramatic" results, we are talking about pretty small numbers, often too small to see without the use of electronics to actually measure the difference)
Every rig is a little different so normally it's some "trial and error" on your part to find the sweet spot in the trim where your particular rig is performing to suit your particular needs..."