Some issues:
The OP has not stated if the motor was run in salt or fresh water scenarios, do you think that after 32 years of boating all the water passages will be found pristine clean ? Nope, that accounts for reduced pressurized water being pumped by the impeller passing thru the entire powerhead. A motor with impeccable cleaned water passages will cool and run much better at wot compared to a highly salted, scaled similar HP motor.
Blind t-stat or whatever you guys want to call it means the t-stat is housed right at middle of # 13 & # 46, doesn't have a small removable upper cover on 13 as found in other models. If the OP plans to check the t-stat condition might as well tear the whole cylinder head area, desalt, descale, decrap the entire water passages, take advantage to decarbon the whole combustion chambers areas, install new 16-17-18, 27 components. Remove exhaust covers, clean, decarbon, install new gaskets and base gasket to count with an equivalent restored motor as when out of the box. Once fully restored will see how much more water is being pumped upward by the impeller which will highly increase the peeing amount seen at the tell-tale.
The fear about removing the t-stat is that if that particular motor was run in salt water for such long years expect to break some head's bolts along the free associated bummer removing them...
Happy Boating