The amount of deposits inside the cooling system can contribute significantly to any overheat. See the attached picture of how the cooling passages need to look.

The rubber diverter just to the left is positioned correctly. The one to the right is out of position. Note how easily the cooling water will flow thru this block, as opposed to the one in post #14. In addition, there is either a pair of small holes, or one larger hole in the valve body of the thermostat housing. Those holes must be open in order for hot water to get to the back of the thermostats in order to heat them up to open. If the hole(s) are plugged or restricted, it can run hot. The valve body hole(s) vary depending on the age of the powerhead. Early models have two holes, later ones have the larger hole. At idle, all the cooling water goes thru the thermostats. If one is stuck shut, it's an overheat. As soon as the boat planes out, the pressure relief valves in the stat housing open, flooding the powerhead with tons of extra cooling water. The overheat horn comes on at 212 degrees. Shuts off at 175, which is still way too hot. The engine should idle at 143 to 155. That's normal. Much cooler when on plane.