Derek, you running a lot of bow weight? Have you hit anything with your prop? Try running WOT with the ballast full and see what happens. I have no idea what could make it do that, though. Any vibration or anything else at high speeds?
I might have a few days off at the end of this month, and I'm still trying to figure out what to do with my time. Motley Crue is playing in Spokane, so you've got that to compete with.

About chine lock:
Chine lock is just when weight gets off-centered enough that the boat gets confused about where the center is, and starts riding on the outside edge of the hull. At least with the Toyotas, I'd imagine the problem is almost non-existent with the v-drives because there is less width to the running surface further forward than the d-drives (d-drive hulls gets wider, quicker). Without ballast, d-drives end up riding on that wider spot more of the time, too, since the engine (and weight) is further forward.
When the weight gets off center, you will be driving along and the weight will feel like it suddenly shifts to the extreme in one direction or the other. The boat will keep going pretty much straight, but will become much less responsive to steering. I kick the wheel hard in the opposite direction and it will break it free, move a couple passengers, and you're good to go. It's really no big deal.
Most d-drives I've been in do it -- it's just part of driving a tournament towboat. Been in a few v-drives that do it too.
That being said, (opening a door here) I do think ours chine-lock worse than most. But I've been in boats that do it worse, too. So I don't think it's anything we should be concerned about.
Pete- ditto.