I have exactly the same situation. 1980 50hp Merc 6-7 PSI from pump at 5000.. Stream warm to touch stays cool and whole pump/casing done late 2000.

You need to crack off that L/U every couple of seasons to keep the shaft greased for easy removal along with getting used to doing your preventative maintainence. I have an auxiliary motor which will get me back if I see a pressure drop in the telltale, but that won't help if the impeller breaks up leaving plastic pieces floating around the cooling system.

Best that you bite the bullet and do it in the off season. That's the concensus here on iboats.

BTW The previous owner of my boat religiously got it serviced yearly (Have the receipts). It has brand new switchbox,trigger, rectifier, steering cables and he paid lots for them. When I went to remove the prop to grease the shaft, it virtually slipped off in my hand. Big relief when you read on here about cutting, heating, belting them off.