Re: 1963 evinrude 5.5 hp
If you can't hold your finger on the cylinder head for at least 3 seconds, she's overheating. If it isn't spitting water out the leg pretty quick, it's not working right. As far as I know, even if the thermostats were stuck closed, water would still go out the exhaust relief if the pump was sending water up the leg---it just wouldn't go through the water jackets in the powerhead. --I could be wrong.
All my 50's and 60's motors (which are 7.5hp and above) put out a lot of water through the exhaust relief. Much more than a mist, I'd say. If you're not satisfied with the finger test, get a cheapo infrared thermometer from Harborfreight for $20. It's worth its weight in gold. Tashasdaddy recommended it to me and it was good advice as usual. I've used it on outboards, trucks, etc.
JBJ