Keep in mind, There is a classic problem with the older Volvo drives.
Of course check and replace the impeller, but unless you find missing blades or permanently bent blades that might not be the problem.
The Volvo has the water pump on the engine and sucks the water up from the outdrive. There is a hose that goes from the transom plate to the drive. Your problem is might be the fitting on the drive that the hose connects to. What happens is either the fitting corrodes or the seal goes bad and leaks. When the boat is idling this fitting is below the water so it still sucks in water. When the boat gets up on plane this fitting is now out of the water and now sucks enough air so you don't get water to the engine and you overheat. Drop back off plane and you get water again and the engine cools down.
Take a look at the linked diagram. The fitting is item #1 and the seal item #2.
Good Luck.
http://bpi.ebasicpower.com/mm5/apps...E=93&INAME=OMCVOLDiagrams/images/GLMOMC06-160