Nothing is wrong
Your raw water cooled Yanmar does in fact have a thermostat and is probably functioning OK. To prove it, remove it from the housing, which is located somewhere at the top front of the engine. Suspend it in a pan of water with a thermometer and heat it up, You should see it open at the temperature stamped somewhere on the thermostat. I have had one that was stuck open, which is far preferable to stuck closed.As to the low reading on your new guage; It is probably reading correct. The raw water cooled enging runs very cool, around 130 to 140 if I recall, which is just below the running range of the majority of available guages. Everything I founfd in the West Marine and Defender catalogs start at 120. I believe you can get the proper guage and sender set from Mack Boring, if you can talk to the right guy there.