I had a similar problem a few years ago. So, here are a few comments in addition to the input already provided.
at WOT you may see about a 5 degree temp rise versus what you see at regular cruising speeds, but it should reach a steady state. When you back off the throttle and slow down you will see a momentary 'spike' in the temp by about 15-20 degrees as the water flow is reduced, but there is still quite a bit of heat needed to come out of the engine. This should last for only about 30 seconds or so.
If you are seeing a constant temp rise at WOT and a big spike after slowing down that lasts for a while (few minutes), then it is a pretty good indication that you have restricted flow in the cooling system. With that it is a matter of hunting it down, starting from the outdrive and working your way through the cooling system all the way to the exhaust elbows.
In my case I found a barnacle had lodged in the water inlet hose at the transom assembly. sort of the last place I looked as I had to remove the outdrive to find it . . . and there it was.