I have the same engine, Mike. Agreeing with jtmccue and Bruce, and in order.. make sure both belts, the raw water pump belt at the bottom starboard side of the front of the engine and the fresh water pump belt and alternator belt.. the big one.. are both pretty tight. (Thumb pressure deflects the belt about ¼” in the longest run) Raw water pump impeller condition; make sure too that it isn’t slipping on its drive shaft as was mentioned in a previous thread here.. Sea water strainer should be clean. remove the top and pull the screen .. a new top cover gasket is a great idea when ya put the clean screen back in. Hook a water hose to the seawater pump intake hose (after removing it) and blow backwards out the water intake to clear anything from the under-hull inlet..Next, with a cool engine, remove the radiator cap on top of the heat exchanger housing and check that there is not an air bubble in there that would be caused by a problem in the coolant reservoir.. Look for crud in the coolant/water in the heatex housing. If someone thought he was doing good by putting in non-toxic, long life antifreeze, he could have made a mess for you, since it can degrade and cause some serious flaking and fouling! Next, make sure the exhaust elbow is clear and water can flow through. Removing it is the only way it can be checked. If none of this helps then think about the thermostat, but that is a little uncommon.(often suspected, rarely really at fault) Next is to pull the heat exchanger bundle and make sure it is clean. Have the new o-rings and cover seals on hand before pulling it, because the old ones probably will not be re-usable. .
Watching flow out of the exhaust on a 34 is almost impossible because the outlet is right at the waterline under the stern overhang.. As soon as the boat starts moving, the outlet is immersed by the stern’s squatting. At rest, you can’t see it, since it is only an inch or so above the water and invisible from the cockpit, or anywhere except down the swim ladder