I also glance back at my exhaust on a regular basis a small amount of
steam in warm weather is likely all right a lot more in cold weather but
if there is a massive amount of steam you can bet there is something not
right. If the water in the engine is boiling the engine is not likely
damaged but when it stops look out you are likely over heating the metal
to the point of damage. AS every one else said your ears will tell you.
When the heat gets damagingly high their is usually some rough running.
By then you may have damage. The good news is with the engines
running about 140 degrees the temperature has to rise a lot. I have a
meat thermometer and a small hole drilled in the front of the cockpit.
The previous owner did this and it works pretty well. If I am feeling
concerned I shove my thermometer in touching the engine. The out side is
usually running about 120 to 130 degrees this doesn't tell me much
except that something is abnormal. I have only used if it a few times
in the winter when I get paranoid about the amount of steam coming out
the exhaust pipe

I don't have a thermostat at the present time so
my engine is running a little cool but would be way too cool in colder
weather.. I have one to put in that I bought used. I checked it in a
pot of water heated to 150 and it is open at that temperature so I will
install it when I go to the boat. Doug