Both thermostat housings removed, cleaned, painted, new gaskets, spacers and 140 degree thermostats. I will try swapping them between engines to see if it changes anything. One could easily be defective. Thanks for the thought.
BTW that thermostat is a $25 part here in Canada. Maybe more at my snooty marina nearby.
Next day I installed the pump and the through hull fitting with a sea ****. PROBLEM SOLVED !
His heat exchanger on the sea water side is probably partially restricted.