Re: Motor too hot? small leak at t-stat cover
I would say your problem must be with the thermostat or a blockage (which is what the t-stat does when your engine starts to run too cool. It shuts down the water).
I would try it without the T-stat to see if it overheats and at the same time I would test the T-stat. The T-stats for my 1961 Johnson 5.5Hp and 1975 9.9 Hp Evinrude (same t-stat for both) will start to open at almost exactly 140 F and be fully open at 150 F. I tested them by simply putting them into a pot of water on my stove and heating up the water and measuring the temperature as the t-stat started to open and close. I would then remove it from the stove and go back and forth and I was very impressed with how accurately it opened and closed at the same temperatures all the time.
With this in mind I know that when my engine starts up, my T-stat is closed. As it reaches 140 F it slowly starts to open and if my engine ever gets to 150F it would be open completely. However, my suspicion is that the T-stat probably never fully opens or closes while my engine is running. I believe what happens is that as the engine warms up and the T-stat opens more, the increased water flow cools the engine down and the T-stat starts to close again and then the engine warms up and this process continues on until I shut her down.
My point is to answer your question of what temperature your motor should run at. I know mine stays at almost exactly 145F +/-5F (at the t-stat position) after warm up and until I shut her down. At this temperature I can put my hand on the powerhead, but I am kind of glad when I remove it. This temperature on the hand, however, results in no swearing or profanity of any kind. Where I am sure with another 20 or 30 degrees, that would not be the case.
I hope that helps and good luck to you.