Whoops -- I missed something.
The 40 FP does not like being run in a 4-cycle. That is not the right way to run a 40 FP.
You want it to run in a fast, wet 2-stroke, with a flat prop. The 11-4 is probably good. Most people feel that the APC 11-4 or the Thunder Tiger 11-4.5 are better than wood props.
Try a launch RPM between 9500 and 9800. Experiment around with it. If it runs away in the air, you'll know it by the fact that your right arm will be longer than your left. If you can't find a happy needle setting that will let it run at a consistent & decent speed, then your venturi is too big. You can effectively cut down the venturi size by putting pantyhose over the venturi: just keep piling on layers until you get the run you want.