Same Engine, same problem; twice
I have the same engine and same problem twice, both overheating causes were baffling to me and my mechanic.
The first time was a true overheating problem. The seawater pickup hose's interior lining came loose and restricted the flow. But here's the problem when the hose was disconnected from the impeller housing the water flowed without any issue. Once the hose was re-connected and under a little negative pressure from the impeller suction the lining collapsed and restricted the flow. It took me days to figure that one out.
The second overheating issue happened four years latter and was not a true overheating problem but was just as nerve racking. At higher RPM usually when I throttled up to get through the Kent Narrows draw bridge the alarm would sound. After passing through this narrow channel and back into the river, I would reduce the RPM and the alarm would stop. No other symptoms, we ran it in gear in the slip with mechanics on board, no alarm, I even purchased a laser thermometer so when it would happen I would go below and "shoot" different spots on the motor to see if I could spot the failure; all to no avail. In addition, we changed everything that one could change, even sent the heat exchanger out and had it "boiled" to remove any scaling, we did it all. This went on for months. Sitting on board one Friday night with an adult beverage, I realized that the only thing I had not changed was the sea water strainer. I thought perhaps the bronze casting might have developed a hole and therefore maybe some air was getting into the system; I told you I was desperate and drinking. The next day I went below and started to remove the existing strainer to see if in the light of day I could see any issue. As I was removing the strainer the overheating alarm went off, it scared the crap out of me until I realized the engine was off. As I lay there in the heat, sweating like a long distance runner, I reached into the engine compartment and touched the wiring harness in several places until I narrowed it down to a plug connecting the engine harness to the alarm system. Low and behold I could make the engine overheat without even running! It seemed that at a given RPM the vibration frequency would cause the offending connection/plug to short out and sent the overheating alarm a false signal. I changed out the plug and no more overheating.
All of the advice I have received and I have read is sound advice but if all else fails and you don't have obvious overheating problems look for one of these issues.
Lee