Rex,
Yes, I have tried a peak reading wattmeter and verified that I do not get more than about 15-20 watts peak when speaking about 3 inches from the mic (mic gain at max). With mic gain controls at maximum, I need to whistle sharply into the microphone with it directly in front of my mouth to get full power out. I have checked using the Heath HM-2140 in PEP and average modes and the W-4. All will show 100+ out if I whistle directly into it with no clearance at the mic. I would expect a sharp whistle at a few inches with microphone gain at a mid setting to produce full power (or close to it). It acts as though I have a bad mic, but I have tried a half dozen known good microphones and they are all the same. The original Yaesu mic is actually a little better than the rest.
The radio has no problem producing the power in CW. In fact, It does not require more than 50-60% drive to achieve full power. I am fairly confident that I do not have a gain issue in the remainder of the TX chain.