Check your outlet hose. Mud dobbers love clogging these. Run a thin wire threw it. You may want to take it off and blow air threw it.
Been working on my b75 for a week now and got to know this engine pretty good...grrrr. Good luck...
It could have some blockage...run thin wire up your outlet port. Also check your thermastat and clean ports with a wire or weed wacker line. Next would be to drop your lower unit and check your water tube is open. Be sure your inlet screen is open before doing the above.
You can go to ...boatinfo.no..... for a library on your motor.
If you are getting exhaust out the pee tube, you are not pumping through the motor. Period. Either you have a blockage going in, or it is time for a new wp kit.