Understood. I appreciate the help. What’s your opinion about it possibly being the circulation pump?
Unlikely, these get replaced usually because the bearing gets noisy or they start to leak at the bearing. I have replaced only 2 in 24 years of salt water boating.
Likely causes:
impeller housing, wear plate, etc
marine growth in the outdrive water intakes (I clean mine out usually 2x a season because it is on a salt water mooring)
rust flakes in the exhaust manifold/elbow
passages in the thermostat housing necking down (getting restricted) due to cast iron rusting
sticky thermostat
suction leaks that allow air in the cooling system (clear hose test)
Bravo drives have a fitting in the transom mount that gets necked down due to corrosion, this will restrict the volume of cool water coming in. (that's Bravoitis)
These systems depend on a high volume of cool water in and warm water out, to keep the engine and exhaust at normal temps. Anything that restricts that, will cause overheating.
Merc has a specification for how much water the raw water pump should be able to pump out, with the boat in the water. It would be a good idea to do that test, that will tell you a lot. You can have problems on the intake side (raw water volume) and/or on the exhaust side