Re: WATER PRESSURE Smartcraft reading
There may be a resistance spec for the pressure transducer in the Merc manual you could check. Is it possible some debris from the old impellor is plugging the port to the transducer? It's the brass transducer mounted on the side of the seawater pump.
You can see that the port has to make a right angle to get to it. Wouldn't be hard for a piece of trash to partially block it.
Does it try to overheat on the muffs? Best bet would probably be try it in the water and keep a VERY close watch on the temp. If it starts getting hot shut it down and plan on more troubleshooting of the cooling system.
Only other thing I can think of to try would be swapping the pressure transducer with another one to check it - possibly yours was damaged during the impellor change.