Montauk Joe,
I installed the same transducer on my boat and it has not poped up so far. Fastest I've gone is 36mph and I could still read the bottom. From what I recall, the instructions says to start with it sticking 1/8" down from bottom of the hull. If it has troublem, move it another 1/8" down.
You should be able to move your without drilling new hole. Just pop up the transducer and remove it from the mounting bracket. You will see that the mounting bracket is held down by 3 screws and the screw slots on the bracket allows you to move it up and down. To give you an idea, here a picture of how mine is mounted.