Try this
Hi Tim, good advise from everyone so far, check the output hole as mentioned, mine has been plugged by spiders and mud daubers many times. Just as important is the intake, this usually has a fine wire screen over it and can get covered with marine growth or clogged with mud, sand, saeweed, ect. Also, don't rule out the impeller, even if it looks good, it could be bad. If you have ever run your motor out the water, even for 30 seconds, your impeller will be damaged. Age alone will not nessicarily be a factor, I have one motor that is 45 years old and still has the original impeller and it works just fine. Check the pump housing for cracks or leaks, a bad seal will cause it to lose pressure thus creating less flow. Some outboards have thermostats and by-pass valves that keep water circulating when the thermostat is closed. Thermostats can be checked by placing it in water that has been heated to the opening temperature (temp. should be stamped on it). A by-pass valve with a bad seal or that is stuck open will cause less output because the water will have more of a tendancy to recirculate that to exit thru the thermostat. I am not farmiliar with the Tohatsu, but I doubt it has a thermostat due to it's small H.P. Before you tear it down, the first thing I would try is flushing the system. All you need is a garden hose and a pair of "ear muffs", you can get them at Wal-Mart. Silt, sand, and the corrosive action of sea water can easily cause congestion, and flushing will most likely cure your problem. If you do have to tear it down, you can get a service manuel from the library to guide you thru the disassymbly. If all else fails, seek your dealers assistance. Best of luck, and happy holidays. Shawn