Definitely should not be running that hot. Don't think it has a thermostat but without a serial number hard to tell. Check all over the block for stamped numbers or something that looks like a ser #.
Take a look at the various parts diagrams for 5HP and maybe you can find your motor:
http://www.mercruiserparts.com/Selec...asp?class_id=2
If you find the motor has no thermostat, most likely the overheating is being caused by a blown head gasket or plugged cooling passages. You'll have to remove the cylinder head to inspect for that.
Be sure to install a new head gasket and also check the head for warpage by laying a straightedge across it in various positions and see if you can slip a thin (approx .001" or .0015") feeler gage under the straightedge.
If the head gasket is obviously leaking or the head is warped, the head should be 'surfaced' to ensure it's perfectly flat.
This can be done by a good automotive machine shop, or you can take some medium-grit sandpaper and 'dress' the head on a flat piece of glass.
It's probably quite easy to pull the lower unit off, you could inspect the impeller and blow compressed air up the water tube to check for obstructions while the head's off.
Note that the head bolts should be torqued upon reinstallation. Re-torque the bolts to specs after you run it for the first time and it's cooled down. And it's a good idea to re-torque the head bolts once a season after that. Put a thin coating of waterproof grease or Permatex Aviation-type Gasket Dressing on the head bolts to keep them from seizing-up in the block.
Let us know what you find out..........ed