The usual cause of porpoising is the prop losing it's "bite" to the water, and it lets go. Raising the motor will typically make it worse, not better.
A few things to consider:
It's a iron boat, it's not designed to run like a fiberglass hull, it won't/can't lift because it's not designed to. So it's happy just running flatter to the water.
Aluminum hulls create a lot more disturbance in the water, your prop wants to run in clean, bubble free water, air is not your friend.
So, how do you stop the bounce?
As suggested a four blade prop is my first option, that will usually bring you into the happy zone. Powertech makes some outstanding four blades for exactly what you want.
Also as suggested, if that doesn't calm the beast, drop your motor until you find a happier place.
If THAT doesn't fix it, then you're dealing with a stubborn child and the attitude adjustment that will always cure it is some electric trim tabs.