So i'm pretty clueless on merc cooling systems, but wouldn't that measure the pressure of the circulating pump, not the lower unit pump? Again, not knowing exactly how it works, but wouldn't it be possible to have different pressure readings depending on location, based on which pump was immediately upstream of your sensor?
I could possibly see a scenario where you might suck up a plastic bag and cover the lower unit intake, and your lower unit pressure would drop to nearly zero. The circulating pump in theory would keep pressure in the system until the thermostat let water out of the loop. The block pressure would eventually tell you the same thing as lower unit pressure, but it would only just before overheating the engine.