Thanks for your help Racerone,
I just bought the boat it's a : [h=1]1990 Johnson VJ120TLESB 120hp Outboard Motor[/h] I am restoring it. Only been in the water a couple weeks now. Taken it out 4 times and each time runs great for awhile, a few miles, then bogs down & won't speed up, shutters if I try to speed back up. Before I put it in the water, I put in a new impeller & both Thermostat, put in new water separator filter. Took off the VRO pump put on a new fuel pump & hand mix oil & gas. I don't think it's overheating, but yes he goes slow. I disconnected the key alarm, when I turn on the key it beeps like it should then without the motor on, after a few minutes it beeps a solid constant sound, so I pulled the wire too it. I'm going to hook up a temperature gauge to see if it is overheating. I bought a lazier heat thermostat..I'll check with that also.