some thoughts...
Well, I'm not quite sure about the color of the smoke in relation to the elevated temperature, but there are a lot of diesel enging gurus that can answer that question. It depends, in part, on how much is steam, and if there is any component that is actually 'white smoke.'Personally, I suspect that it might be steam. A few things to try, and a few things not to worry about: First of all, the 'water pump,' i.e. the pump that circulates the internal coolant in the engine, is probably not your problem. The impeller, though,is a likely suspect, and is really easy to replace. Lemme know when you do it, and I'll walk you through it, but it's simple, and you'll figure it out yourself.The heat exchanger is another of the 'usual suspects' in this case. You might try pouring a gallon of vinegar into the raw water strainer, letting it sit for a day or two, and see if that helps. Otherwise, you can pull the heat exchanger and take it to a radiator shop to be soaked and cleaned. Make sure you have new O-rings and packing. Not a particularly hard job.The mixing elbow? An evil job, but you can do it yourself. They last 10 to 15 years, but sooner or later they plug up, and must be replaced. No fun, but doable. Did it a couple of years ago, and I have the scars to prove it.Before I'd tackle that job, I'd take a garden hose, with a bullet head nozzle, and blow out the 'intake' hose, from the impeller to the strainer, and then blow out the line from the impeller to the heat exchanger. That will isolate your problem. Try to force water through the mixing elbow, at the back of the heat exchanger, to determine which of these is blocked if you can't force water from the impeller output hose through the engine.Oh, I forgot... the 'nipple valve,' which is just an elbow fitting into the mixing elbow from the heat exchanger... a common problem, and an easy fix. Replace it, or clean out the gunk and soak it in vinegar overnight.Last but not least, the thermostat. Works good, lasts a long time, but pop it into hot water with a baking thermometer to make sure it works as advertised if the above steps don't yield results.Overheating is a bummer, and bad for the old 2gm20F, but you caught this pretty early, it seem, so no worries. Just don't run the engine if the overheat warning sounds... shut it down and drift, if you can, or anchor. Crack a beer. It will cool down in an hour or so, and then you might get 5 or 10 minutes out of the engine, when you really need it, before it overheats again. Hope this helps - Rick J