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Have 2007 Mercury Optimax 150. After 10 minute run at 3000 rpm engine warning buzzer starts and engine cuts back to1000 rpm or almost idle. Mechanics many trips and quite some costs was never able to determine problem. Impeller was replaced.
I just had a thought. A thermostat and gauge would tell you if overheat is the problem or something else. On a different engine and surely on that one too, temperature is controlled by thermostats in each bank and a high RPM popoff valve allowing for increased flow at the higher RPMs. A malfunctioning popoff or clogs in your cooling system could be the culprit. Again, knowing if overheating is the issue helps to direct you to the culprit....would me.
Thanks for the suggestion but engine does not overheat. Mechanic is coming tomorrow with borrowed testing device that should give a diagnosis. Luck is needed.