OK here's another approach. While talking to Randy he suggested I pitch up the prop 2 /10 and turn the needle out. What a concept..
With all due respect to everyone involved, I like my way better - and here is why. With the more pitch, you end up launching a little slower, and that puts you deeper in a 4 or further away from the break, which is what you want. But, you are just accepting the lost "power" due to the air density and making up for it by running slightly higher prop efficiency.
If you add nitro, instead of losing the "power" and compensating for it, you retain the "power" you had in the cool, so there is nothing much to compensate for.
I actually prefer the venturi change to the prop change in principle, but it has the obvious flaw of having to change the venturi (and maybe get over the top on the venturi size). At least the venturi change is intended to maintain the power level.
The goal in either case is to try to maintain the engine "operating point" where you are used to it, and keep the power boost or 4-2 breaks where they were in the thick air.
This is the trick we have been using for years to both maintain power and handle radical (far more radical than you are talking about) atmospheric changes. I literally *never* change anything, from 45 degrees and raining, to 105 degrees and dead dry, to 1000 feet, 90 degrees, and oppressively humid, other than the nitro. I have gone down all these roads any number of times, and to me it's hands-down better to change the nitro.
The fact that you are running 5.5 oz of fuel instead of a more usual 7+ certainly suggesting running it leaner or with less power overall, or a combination of both.
In any case, it's easy enough to try it both ways and see.
Brett