I bought a boat with a 1997 150 hp merc V6 at the start of last season. I noticed the same thing with my engine as yours (no tell tale flow with the engine at idle when cold).

A buddy of mine has owned a Yamaha for over ten years and when he saw my engine last year he thought I was in for trouble, because his engine pisses like a race horse as soon as it's fired (in the water or on muffs). I assumed he was right so I replace the water pump ($60-being a used engine I figured it should be done anyway). Still no flow at idle though. Next, I replaced the t-stats ($12 each). I fired the engine with the t-stats out and WOW-BIG Pisser! Put new t-stats in. Flow started after engine was up to operating temp (140 degrees water temp on my engine)