Jors, you are doing it wrong if you are using a multimeter, regardless of where you are measuring.
For a start, you haven't told us how you are generating the 'full on' signal in the software.
this topic was done to death some years ago, on an FB3 thread which had many pages.
Essentially, the FB3, even when on 'full power' has a period each priocessor cycle where it does 'housekeeping' in the processor. This means that for a very short period, it is off. So your measurement is only an average of the voltage on the pins, not the peak.
If you are using a pattern to generate your signal, then you may also have other 'off' periods which will also reduce your average voltage reading. The LaserMedia test pattern is generally considered to be the pattern with most 'on' time if you are using a test pattern, but still won't give you a peak voltage on your multimeter.
So, in summary, you either need to get an oscilliscope, or stop fiddling, as you could actually be adversely affecting performance, particularly by reducing your usable bandwidth for modulation.