If suction cavitation is your problem you will in fact reduce it sharply by reducing flow rate.
Do you have noise at full flow? Cavitation sounds like small hard particles going through the pump, very distinctive and very different than air going through a pump.
To diagnose cavitation just turn the flow down, if the noise goes away then you have suction side cavitation.
A few notes:
Intake line is critical on that pump. You must have a clean flow through your intake line to properly feed the impeller. There should be a straight length of pipe the same exact size as the pump inlet connection, probably on your pump this straight run should be about 40" perhaps slightly more. In that straight run there should not be any fittings, reducers, valves, etc. You must provide a clean flow of water straight into the impeller eye to produce even loading onto the impeller and shaft.
Further away from the pump check for any high spots that may cause an air lock which would reduce flow, these high spots may be built in (pipe rises and falls), concentric reducers or bushings installed in the horizontal position, or restrictive check valves.
Restrictive check valves are a particular problem, many suppliers for some reason will not stock or supply high flow check valves for pumps (naw, not a price problem again), in fact, this is one of the largest crimes on pumps, using cheap restrictive check valves, and installing them close to the pump.
Check for anything in the line that would cause high turbulence. Excessive turbulence in the line can reduce the flow rate sharply enough to cause low NPSHr.
You may have to increase the size of the intake line (not at the straight run into the pump however), and all the components in that line.
I believe you have sufficient NPSHr easily available but perhaps the intake line has excessive losses.
PUMPDESIGNER