LO,Side question: If your thermostat, impellor, and exhaust elbow are setting the engine temperature, why do people say you have to run at 2/3 to 3/4 throttle to get the engine to temperature?
Here's my non-mechanic answer, FWIW. The thermostat STARTS opening about 15° below design temperature. If you are running low rpms, this opening can provide sufficient coolant flow the the HX to reduce the temperature of the coolant to the point that the thermostat actually starts closing again. Especially with very cold raw water.
And to clarify (because sometimes I miss things) Coolant contains antifreeze and raw water comes from outside the boat. Some engines are raw water cooled. My engine has a HX that uses raw salt water to cool off my antifreeze coolant. And the two flows never mix unless I have expensive problems.