Re: 1994 merc 9.9 cooling system on thermostat?
Take a look at this diagram, which should be close enough to your motor:
http://www.mercruiserparts.com/Show...=497&bnbr=110&bdesc=Cylinder+Block+and+Covers
You'll note where the telltale hose is located in relation to the thermostat. Sounds like the 'stat is doing its thing, except that maybe it's not relieving properly at higher speeds/water pressure.
If you pull the thermostat cover you can inspect the 'stat and even run the motor for a few seconds to see if you get lots of water flow out the open hole.
The springs on your 'stat might have debris/corrosion products built up on them and don't operate correctly, even though the 'stat is opening and closing to regulate temperature.
I don't know why Merc chose to build the telltale that way (probably cheaper) but it's very annoying not to see water flowing as soon as you start the motor! Just the way it is with these.
As the other posters said if you don't know how old the impeller is it's a good idea to replace.
Before looking up part numbers at this site or anywhere else, make sure you have your Serial # handy. They do change things once in a while and it's important to be on the correct diagram for your motor.
Besides a 'stat, you'll need the thermosat gasket and thermostat cover gasket, parts #42, 43, and 40 on the above diagram.
HTH & let us know what that 'stat looks like!............ed