I’m going to replace the impeller and thermostat and start there. Problem is I’ve had this boat out a few times so how can I also check for damage besides a compression test?
If I were to do an inspection where I may have something clogging the circulation of the cooling water, I'd do the following:
1. Inspect and then replace impeller. While water pump is open, put muffs on the LU and squirt water into the pickups on the LU and see if it freely flows into the open water pump.
Leave the LU disconnected from the mid section for the following tests:
2. Remove the thermostat and with a string (placed in the butterfly valve and stat housing giving you a method of supporting it. Get a pan of water cooking on the stove with a candy thermometer (they measure high heat) inserted in the water. Look on the bottom of the pellet part of the stat for the opening temp stamp....143 (F) is what my engines used.
Drop the stat in the heating water holding it up by the string. Watch the candy thermometer for the water reaching the number stamped on the pellet. Once reached, give it a couple of minutes and +/_ about 5* of that number the stat should open and fall off the string.
Physically inspect the pop-off valve (the large diameter device under the combination it and stat cover}. It shouldn't be corroded and should easily open when you exert mild pressure on the valve.
------- No problem so far? Continue!
3. Remove the water jacket cover on the rear of the engine block....spark plugs protrude through it..... when you removed the LU you exposed the tube/pipe that carries the water output of the water pump up to the engine proper. Connect your hose under low pressure....(10 PSI) to the end of that tube and ensure that you have full flow out the port that feeds the stat and pop off. Find the output of the engine block and shoot your hose into that outlet and ensure that a good flow comes back out of the mid section.
If you find a problem, fix it. If not continue.
4. Put everything back together...a little soap on the impeller and be sure to install the locking key to the drive shaft when you install it. Looking down from the tip of the drive shaft, slowly press the water pump cover down onto the impeller while turning the drive shaft CW. If you are doing it correctly, the cover will deform the tips of the impeller and as you push down on the cover the tips will fold back and easily move into the cover for you to secure it.
5. One more thing: with the LU still off, connect your hose to the "tell tale" outlet on the side of the engine cowl and look for water coming down out of the mid section. If good, you are ready to close everything back up and you shouldn't have any cooling issues thereafter.