Buy a water pump kit and change it. Not tough to do on these mercs. The tell tale should pee whether the thermostat is open or not. You can always try blowing some compressed air through it to make sure it's not plugged. Are you running it in a barrel or on the ear muffs? If on the ear muffs, you should be getting water exhausting out the prop hub and after idling the engine for a while, the water should feel slightly warm.
Also worth noting, my late 70's black max 175 only ever dribbled and spit water while running on the ear muffs, but had a decent stream when in the water where my mid 80's 90hp inline 6 always pissed like a race horse.