Re: 1969 evinrude 40 hp water stream
It does not have a pee hole indicator. But it does have the big exhaust relief blow-hole in the back.
This gets asked so often, I should save it so I can copy and paste. That motor has a thermostat controlled, recirculating cooling system. Water from the water pump goes up and circulates through the powerhead. Then it is presented to the thermostat. If the thermostat says it is too cool, the water goes through a check valve and is sent back to the water pump, where it is recirculated for another pass through the powerhead. This continues till the thermostat says it is warm enough, then the water is discharged and replaced with cold lake water. All this is not a simple yes or no, open or closed thermostat situation. It is an ongoing situation with the 'stat constantly sampling the water and responding and required.
With all that in mind, whether the 'stat is open or closed, SOME water is discharged, both as an indicator and to cool the exhaust housing. The difference is when the 'stat is closed, a small spray is discharged. When it is open, the spray is heavier. But there should always be some discharge, changing constantly according to conditions. At idle speeds in cold water, the 'stat may not open at all, but there will be some spray.
BTW, this is exactly how the cooling system works in your car. Except a radiator replaces the lake, and no water is discharged out the exhaust. The system has worked for many years.
Hope this makes sense.