File open the mouth more, until you can set the frog so that it's in line (in plane) with the bottom of the casting, and you have a mouth in the range of two or three times the size that you have.
The mouth is irrelevant for use because even at a hundredth, it won't stop tearout. It needs to be near the same size as the shaving being taken, which creates a lot of resistance.
Give yourself a little bit of room at the mouth (but not more than a 32nd or so, and if it gets in the way of the cap iron, file the angle above the plane going away toward the front a little - you're effectively then duplicating what the fine infill makers did in the early to early-mid 1900s - the most ideal of plane setups).
I haven't used a V11 iron in a bench plane much, but for any iron, you should then get predictable wear, and if you want, you can push honing a nearly dull iron 5 or 6 times before regrinding. it will be several projects' worth of planing, because use of the cap iron will extend the volume of planing that you can do significantly with each sharpening.