Took the boat out today with a tightened belt and no over heating issues at any throttle setting. Tacho is out to lunch, 31 mph by gps and speedo showing 1800 rpm on a 20 inch pitch. Tested the charging system and all good.
Still needs a tune up, for a v8 its rough and tries to stall when opened up from idle.
New o-rings kept the water out so far, fingers crossed.