temporary and sudden loss of water preasure,91 yam 150

[RUSTYHAMMER]

anyone experience this,motor losses water preasure suddenly with overheat alarm after reving a couple time in neutral water preasure comes back,no seagrass or plastic bags covering intakes.The water pump,t-stats and prv are all new.The only thing I can come up with is that the prop may have some minor damage that is making the prop pull air around the water intake causing the pump to lose prime.
Any sugestions or idea's are appreciated!