Re: hot water tell tale
If your motor doesn't have a 'stat, it sounds like you may have circulation problems in the powerhead.
I had a 4.5 hp that acted like yours, had an unusually strong discharge out the telltale but was obviously running too warm. Turned out the water discharge passages at the bottom of the block were plugged. So, the only place water could get out was the telltale.
I pulled the powerhead for inspection, found the plugged passages in the middle bottom of the block & cleaned them out. The motor ran & cooled normally after that.
It's also possible for silt/trash to build up inside the main water circulating area around the cylinders. I've seen 'em with deposits halfway up the block. You have to pull the cyl block water jacket cover off the back of the block in order to inspect this area. Just watch out for the 1/4" cover bolts, usually they are stuck and require heat/penetrant to release. Very easy to break these bolts.
If you find a bunch of 'trash' in there, scrape/flush it out.
The water jacket cover can be removed without pulling the powerhead, so that'd be the next logical place to look for problems. After that it's time to pull the powerhead for inspection; you'll need a new powerhead base gasket, water tube rubber grommet, & water tube washer.
Note that sometimes water supply problems are caused by a squeezed-shut water tube grommet or washer, so if you can't find any other reason for your cooling issue, you'll want to pull the powerhead for inspection.
BTW the exhaust manifold should run fairly cool, if it's hot there's definitely a problem.
Hopefully you do have a 'stat and it's causing the problem. If that's not it, time to break out the wrenches!
HTH...........ed